What oil at $50 a barrel means for South Africa and the world economy

[BusinessTech]

What oil at $50 a barrel means for South Africa and the world economy

Just a couple of months ago, major oil trading houses were predicting the return of $100 crude. Now, with oil prices at half that level, here’s a look at what the slump means for the world economy.

 

[Temujin]

What it means for SA? Business as usual. More price increases, more taxes, more job loses, more corruption etc etc /shrug

 

[TheSlinger]

I'm just waiting for the rumored decrease tomorrow to in fact be a record increase in time for Christmas. A wonderful present to all!

 

[thestaggy]

It means increased profits for local producers because those arseholes don't drop their prices when the fuel price decreases.

 

[Insint]

Back in 2015 when the prices was at this level we were paying about R12 a liter. Now it will be R14 - R15 per liter with the increased taxes.

Prices in 2015:
https://businesstech.co.za/news/energy/105665/petrol-price-in-south-africa-2015-vs-2014/
https://mybroadband.co.za/news/tren...-the-petrol-price-over-the-past-10-years.html

History chart crude oil:
https://www.macrotrends.net/1369/crude-oil-price-history-chart

 

[Kosmik]

Back in 2015 when the prices was at this level we were paying about R12 a liter. Now it will be R14 - R15 per liter with the increased taxes.

Prices in 2015:
https://businesstech.co.za/news/energy/105665/petrol-price-in-south-africa-2015-vs-2014/
https://mybroadband.co.za/news/tren...-the-petrol-price-over-the-past-10-years.html

History chart crude oil:
https://www.macrotrends.net/1369/crude-oil-price-history-chart

Yep, oil drops and tax keeps increasing.

 

[Rocco1]

But oil for SA is really at $60/pb as we use Brent oil price equivalent and not Texas light @$50. there is a $10 difference.