The Doha oil talks broke down yesterday. Before the week-end, economists were quietly hopeful that the oil countries would have agreed to reduce output and thereby allow the price to lift — allowing ‘normal’ world GDP growth to be resumed — but, no, Saudi Arabia and Iran couldn’t agree. Iran needs to export as much oil and gas as possible in order to recover from the American-imposed sanctions of recent years.
But even if ‘normal’ oil production had been resumed what would that achieve? Nothing. The economic progress of the world is set by the innovations of a half-dozen EuroAmerican countries and they at the moment have absolutely no brand new consumer products on the drawing boards to lead the charge with. Much as since Ocotber 2008 until an awful lot of debt around the world is taken care of. As you were.