Oil as a decisive factor 2016-2020
Oil has gone down to its minimum historical rank within the last decade, the barrel was below 30 USD. Now is at 50 USD. In June 2014 it was at 115 USD.
Beyond geopolitical issues that might have influenced this current situation, there are other aspects to take into account. The increase of oil supply -even higher due to Iran becoming a stakeholder again; low demand, due to China’s crisis; and USA’s reserves, are responsible for this situation.