The price drop is explained by several factors: a significant increase of oil production in the United States, the resumption of Libyan and Iraqi exports, the possible lifting of sanctions against Iran, and slowing growth in developing countries. The situation is having negative effects on oil producing countries, but the Organization of the Petroleum Exporting Countries (OPEC) remains divided as to its stance on the situation, making it all the more difficult to predict future trends in oil prices.

Article published in Politique étrangère, Vol. 80, No. 4, Winter 2015