Onshore Energy Conference — London Onshore Energy Conference — London | Page 27

CLAIMS SOLUTIONS

its median price for the past 150 years of
$23 per barrel. In modern times, there
have been only two occasions when it
has moved away from this level:

• The twin OPEC crises of the 1970s and 1980s,
which caused a genuine shortage of product
• The twin stimulus programmes in the
2000s and 2010s, where central bank
liquidity overwhelmed the normal process
of price discovery in the market
The end of stimulus has similarly impacted
other major commodities, as chart 2 shows.
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