In simple terms, why is the price of oil per barrel declining now and so rapidly? The average man in the street (and I am he), thinks its because US and Canadian Oil fields are now well on line and in full production, aided by the now on line development of Shale Oil and Oil Tars. This is the cause of the very recent decline in price, yes?
Also full production elsewhere around the world (West Africa in particular).
Plus full unlimited production in Saudi and MENA.
Plus Russia.
plus a relatively mild winter in the northern hemisphere? Is it simply now supply is at maximum capacity and in healthy competition for best price for the consumer?
Any industry experts, is that it?