One of the most striking narratives to date has been the lack of any positive upside optionality in the markets for the price of crude going up. Tumult in the MidEast will grow more likely in my opinion, as the largess of the oil states declines, the social fabric may be strained.
Gloom descends on Gulf as oil price slump hits economy by Simeon Kerr Share Author A caustic slogan is doing the rounds on social networks in the Gulf states this festive season: “All I want for Christmas is for oil prices to go up.”Gloom has descended on the region amid an oil price rout that has halved the price of crude over 18 months and wiped $360bn off export earnings just this past year.
Source: Gloom descends on Gulf as oil price slump hits economy – FT.com