Oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union.
The world’s largest oil company sees emissions in the developing world surging 50%, a forecast that suggests the diplomatic push to draft an accord to curb global warming stands to fall short.
The assessment, in a report Tuesday from an Exxon Mobil Corp. team of economists, scientists and engineers, shows how far the world is from cutting pollution blamed for climate disruption. It comes as UN Secretary-General Ban Ki-Moon warned envoys Tuesday at United Nations talks in Lima that the “window of opportunity” to slow climate change is closing.
LONDON — Brent crude surged to a six-month high on Wednesday as western countries prepared to attack Syria, raising concerns over the security of oil supplies across the Middle East, which pumps a third of the world’s oil.
The United States and its allies are readying for air strikes against the forces of President Bashar al-Assad, blamed for poison gas attacks last week. But the timing of any action was unclear.
The stock market has been weak lately, and commodities have been getting crushed. Does this mean that the global economy is really slowing down hard? Maybe. Recent U.S. economic data has been disappointing, especially in the realm of housing, which is what the US bull case is all about.