The slump in the price of oil is having far-reaching consequences for business and politics. Brent crude, the international oil benchmark, was trading at $115 a barrel in June 2014, but it fell as low as $27 in January this year. It is now trading at about $40, but few who follow the energy industry expect it to go back above $100 soon. As the Financial Times publishes a new series about the wide-ranging implications of the oil crash, below is a selection of the best writing on this subject in the FT during the past 18 months. US shale under pressure © Bloomberg November 12 2014: If there is “price war” in the oil market, as Adel Abdul Mahdi, Iraq’s oil minister, has suggested, the US shale industry is refusing to take flight at the first sound of gunfire . . . “[But] activity is already starting to slow. There were 1,568 rigs drilling for oil onshore in the US last week, 41 fewer than in mid-October … Debt has fuelled the shale boom … As prices fell, the companies that borrowed too much have started to find themselves under strain. The bond markets have already started to reflect some nervousness, with yields on junk bonds in the energy sector rising to their highest level in more than a year.” See full story Saudi Arabia fights back Saudi oil minister Ali al-Naimi © Barry Falls March 9 2015: During periods of instability, the Saudis adjusted their production to restore balance. But [in 2014], as concerns about oversupply escalated, the kingdom changed tack and refused to act as the oil market’s safety net. Cutting output, Saudi Arabia believed, would only help its rivals — and it was time to take a stand . . . Some suspected [the shift in Saudi oil policy] was rooted in geopolitics … But a close examination of Saudi actions suggests an unexpected series of global political events and — crucially — a misreading of the market were the driving forces behind Riyadh’s gamble. See full story Perfect storm in the North Sea February 25 2015: Ageing North Sea fields, already seen as a marginal bet from which the biggest oil companies have been retreating, look very vulnerable. Oil & Gas UK, which represents offshore operators, says a fifth of production, or a third of fields, is now unprofitable. Cash losses, or the deficit after subtracting costs from revenues, topped £5bn in 2014, the biggest shortfall since the 1970s. This loss follows a long-term decline in production. Output on the UK continental shelf, despite record investment in recent years, has been sliding since 2000. See full story Shell-BG mega deal April 8 2015: There is no arguing that Shell’s move is bold. By acquiring [BG] its smaller rival, it will become the largest foreign oil company in Brazil, one of the world’s most highly prized oil provinces, and cement its position as the global leader in liquefied natural gas, the increasingly popular clean-burning fuel . . . BG may have been on Shell’s radar screen for decades, but was long seen as too expensive a target. That all changed when the oil price started to slide [in 2014], dragging down the valuations of all the world’s energy companies, including BG. See full story US shale in crisis April 24 2015: [Juan] Ramos was brought to Williston, North Dakota, by perhaps the most important innovation of the 21st century: the technology for extracting oil from unyielding shale rocks. The Bakken formation, which runs underneath North Dakota and into Montana and southern Canada, is one of the largest oilfields opened up by that revolution. Along with similar oil-producing areas in Texas, it has transformed the outlook for US energy security, created hundreds of thousands of high-paying jobs and rattled the leaders of rival oil-producing countries from Riyadh to Caracas … While the new oil industry is still in its infancy, though, it is facing its first real test. American producers have become victims of their own success. In the past nine months, the flood of new oil supply they created has caused a collapse in the price of crude … See full story Canadian oil sands marginalised June 16 2015: With the collapse in crude prices, energy companies have suspended or cancelled billions of dollars in new projects, thousands of workers have lost their jobs and voters ousted the party that ran the [Alberta] provincial government for 44 years … The effects of cost cuts are starting to bite in the Fort McMurray region. At the airport, which opened a new C$258m terminal in June 2014, charter flights are discharging 30 per cent fewer passengers. More families are visiting the community food bank. And as a sympathetic gesture the Wood Buffalo Brewing Company reduced its price for pale ale to a tenth of the cost of a barrel of West Texas Intermediate crude. See full story Petrobras reels from scandal, oil plunge December 30 2015: Few large oil companies globally have disappointed investor expectations in recent years as badly as Petrobras. The company’s 2007 discoveries of “pre-salt” offshore oil reserves kicked off a flurry of industry excitement. [Run] by officials handpicked by Workers’ party-led governments, Petrobras moved to exploit the discoveries by embarking on the largest corporate capital expenditure programme in the world. The company also began a huge refinery building project. But things went awry in 2014 when police launched the Lava Jato (Car Wash) investigation into allegations that former Petrobras directors collaborated with politicians and contractors to extract bribes from the company. See full story Gazprom eyes gas price war © Bloomberg February 3 2016: With the prospect of a wave of US liquefied natural gas supplies starting to hit the market later this year, energy investors fear Gazprom may adopt the same strategy in the gas market that Saudi Arabia has done in oil. It may seem like … the last thing that Russia, reeling from the impact of low oil prices, needs. But analysts say that such a strategy may be