by Grayson Schultze
The Daily Bell
Overall, the ongoing rise in supply would be adequate to satisfy the growth in oil demand in 2H14, resulting in a well-balanced market – OPEC Forecast, June 2014 (right before oil price collapse)
Oil prices have plummeted 70 percent from highs in June 2014 and not many upstream oil and gas operations are making money. – Omar Mawji, OilPrice.com, May 2015
In the first half of 2014, it was the best of times. Then, two years later, it was the worst of times.
If 2014 was the age of financial foolishness, then 2016 was the age of financial restraint.
If 2014 was the epoch of belief that prices would forever remain high, then 2016 was the epoch of incredulity that prices were so low – and staying there.
If 2014 was the season of light, then 2016 was the season of darkness.