ADDED report: Oil price slump likely to continue | GulfNews.com

ADDED report: Oil price slump likely to continue | GulfNews.com:
"The slump in oil prices that began in mid-2014 is likely to continue in the foreseeable future, with oil prices expected to be challenged in the short-term by an increased supply from fracking (the process by which oil and gas are extracted from shale rocks).
According to the latest report by Abu Dhabi’s Department of Economic Development (ADDED) that was released Tuesday, oil prices will also be challenged in the longer term through efficiency gains from solar and battery technology.
“On the supply side, rising unconventional oil production enabled by new technologies and increasing production of biofuels have contributed to excess resources. On the demand side, China’s slowing economic growth has meant a double-digit decline in its import commodity growth. These underlying dynamics mean the slump is likely to continue in the foreseeable future,” the report said.
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