The oil price is down again, creating both winners and losers. The oil-exporting countries led by Opec and Russia lose income and wealth. The international oil majors will also see revenue fall but for them there could be a silver lining — an opportunity to regain access to areas closed to private ownership for the past half century.

The price fall of the past few weeks should have come as no surprise. Projections of demand growth have been scaled down and there are continuing fears of the effects of the US-China trade war. Many fear we are close to a global recession. More immediately, the expectation that Iranian exports would be cut off completely by US sanctions has not been fulfilled — China continues to buy oil from Iran.

The world market is amply supplied and prices have therefore reverted to the level (around $60 a barrel for Brent crude, and just over $50 for West Texas Intermediate in the US) that has become the new normal since 2016.