Burning the Midnight Oil

“You can’t run a business based on sympathies,” the controversial billionaire oil broker, Marc Rich once said. The business of oil is no different; it lubricates the region. And as the price of oil has taken a hit from a high last year of $115 a barrel to $50 a barrel, many are casting about for reasons as to why. In recent weeks, Saudi Arabia has attracted much criticism from analysts over its response to tumbling oil prices. As the nation met with other oil suppliers on December 4 in Vienna, it let it be known that that it wouldn’t reduce supplies to stabilize the price.

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