Why has Islamic State not shaken the price of oil?

Why has Islamic State not shaken the price of oil?



Image of a gas station in the United States during the 1973 oil crisis.

For decades instability in the Middle East rocked the price of oil, but in recent weeks the beheadings of Westerners and the provocative advance of ISIS militiamen have not caused markets to panic. other occasions.

This time, instead of the usual increases, prices are falling.

The price of a barrel of Brent fell below US $ 97 on Monday, its lowest level in two years. Three months ago it hit $ 113.

What has changed this time?

One of the main reasons is that we live in a time when oil is plentiful. In July, the United States produced its largest monthly volume of crude since 1987.

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