We all are well aware that oil prices have dropped to almost $45 per barrel as of mid-January 2015. Global economies are feeling the pressure from a sudden drop in crude prices, with a chance of a looming recession in some economies. What does this mean for global business and the cloud industry?
Maybe we had forgotten that a few select nations, the so-called OPEC members that include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela control a majority of the oil that is produced in the world today. As a result, these oil-producing nations together control the decisions around global oil production, oil supplies and as a result a large part of the global economy.