Mining Industry Business Confidence Report Market Size - The existing economic environment is unfavorable or very unfavorable for the mining industry, and customer confidence levels will remain constant in H1 2016 (January 2016-June 2016).
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The fall in global oil prices over the last years deemed to be an outcome of the global oversupply, due to the sharp increase in production of North America shale oil in recent years, coupled with a fall in demand because of a slowdown in economic growth in China and Europe. In addition, the OPEC has not decreased production to maintain prices. The impact of falling oil prices varies from importing countries to exporting countries. Where, in oil-exporting countries, such as Saudi Arabia, Russia and Norway this has affected the economy of the country, threaten its credit rating and has turn it from creditors to debtors. Additionally, GDP growth is dampening as export revenues are falling. In contrast, the impact of falling oil prices on GDP growth is overwhelmingly positive in importing countries. China, India and Indonesia have more energy-intensive economies and therefore gain greater benefits from lower oil prices.
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