Here it goes: http://i.imgur.com/8tE8pM4.png
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Oil price is also strongly related to the strength of the dollar
The chart is OK, but there are so many more factors here - how healthy is the global economy? You can cut production all you want but if there is nobody to buy the prices will stay low
so much for the peak oil theory. My question is why did oil prices stay high up until mid-2014 even though production was increasing and why does the price of oil not follow a similar but inverse trend to the increase in production. Something does not add up and something else is manipulating the price of oil far more than increasing supply.
good chart, the glut is amazing. this downturn will take a decade to clear