Oil price falls to 11-year low, producers keep pumping in fight for market share

Brent crude dropped to below $35 a barrel on Wednesday, an 11-year low.

Bad economic news from China is increasing expectations of weaker oil demand while producers keep on pumping flat out in what seems to be a fight for market share.

The Money Show’s Bruce Whitfield interviewed George Glynos, Managing Director and Chief Economist at ETM Analytics.

Scroll down for quotes from the audio below.

Let’s be thankful for small mercies!

George Glynos, Managing Director and Chief Economist at ETM Analytics

Saudi Arabia is trying to drive out marginal players in the energy space.

George Glynos, Managing Director and Chief Economist at ETM Analytics

Tensions between Iran and Saudi Arabia lessen the likelihood they’ll cooperate with regards to oil prices.

George Glynos, Managing Director and Chief Economist at ETM Analytics

With energy efficiency improving all the time; there is a belief that oil prices need to be structurally lower than they are.

George Glynos, Managing Director and Chief Economist at ETM Analytics

This mitigates the worst of the effects of the weak rand on the petrol price.

George Glynos, Managing Director and Chief Economist at ETM Analytics

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