The price of oil fell to its lowest level since 2009 as global production continues to remain high.<\/p>\n
The price of West Texas crude sank to $37.65 (\u00a324.99) a barrel, a drop of 5.8%, while Brent Crude fell 5.3% to $40.73 a barrel.<\/p>\n
The slumping price comes as OPEC – a group of the largest oil producing nations- refused to cut oil production.<\/p>\n
OPEC- whose production covers about 30% of the world’s oil demand – met in Vienna last week to discuss production.<\/p>\n
The group has faced growing competition from new supplies, including in the US where techniques like fracking are used to tap previously hard-to-reach oil reserves.<\/p>\n
“The decision by OPEC members to keep oil production output at record high levels has seen oil prices plummet again,” said Sanjiv Shah, chief investment officer of Sun Global Investments.<\/p>\n
The group had traditionally kept a tight rein on oil production to regulate price, but announced last Friday it will continue to pump out approximately 31.5 million barrels of oil a day, going past the group’s former 30 million barrel target.<\/p>\n
In 2014 Saudi Arabia led OPEC in a decision to keep output high to defend its market share.<\/p>\n
–<\/p>\n
Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"
The price of oil fell to its lowest level since 2009 as global production continues to remain high. The price of West Texas crude sank to $37.65 (\u00a324.99) a barrel, a drop of 5.8%, while Brent Crude fell 5.3% to $40.73 a barrel. The slumping price comes as OPEC – a group of the largest […]<\/p>\n","protected":false},"author":24,"featured_media":172706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[14,4],"class_list":["post-172705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-papa-owusu-ankomah","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/172705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=172705"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/172705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/172706"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=172705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=172705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=172705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}