Global oversupply is responsible for a 50% drop in crude in the past year.
Production investments are being cut globally. Some of the hardest-hit countries are in Asia and the Pacific, where state-owned oil companies dominate the region and GDP.
- Asian oil companies join the world in production cuts.
- Crude prices make production investments unprofitable for oil companies globally; cuts made in droves.
- PetroChina set to match Exxon Mobil's market capitalization again.
- Malaysia hit hard by crude as the second-largest oil producer and consumer in Southeast Asia.
- U.S. shale oil production expected to slow in 2015.
Fears of further lows have economies on watch for massive economic struggles if oil can't find its bottom here, soon.