United States, China And Ultra-Low Oil Prices

United States, China And Ultra-Low Oil Prices by Dan Steinbock, Difference Group The US-led petrodollar era is being surpassed by a multi-polar oil age in the Middle East. The transition is permeated by fundamental change and financial speculation that is penalizing the roles of the US and China in the region. As producers have scrambled to gain market share from competitors, prices remain more than 70% down from summer 2014. Recently, oil ministers from Saudi Arabia, Russia, Venezuela and Qatar announced an agreement to freeze their oil output levels if other major producers will follow suit. In the near-term, that…