Oil Glut and the new equation

 The present global oil glut re-illustrated that no market can defy the simple, yet very basics of economics i.e. ‘supply and demand’, imbalance of which could create devastating consequences. Whatever the cause of this situation, whether the all-time high production of the USA propelled by Shale oil boom, or slowdown of world economy in general and China’s growth in particular, or selling of oil by ISIS, it is certain that this glut will have a far reaching consequence to the oil industry in the future. This probably could be a turning point in the history of oil industry as the present scenario would determine the future strategy of oil exploration and production in the backdrop