{"id":172705,"date":"2015-12-08T07:04:04","date_gmt":"2015-12-08T07:04:04","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=172705"},"modified":"2015-12-08T07:04:04","modified_gmt":"2015-12-08T07:04:04","slug":"oil-price-falls-to-lowest-level-since-2009","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/12\/oil-price-falls-to-lowest-level-since-2009\/","title":{"rendered":"Oil price falls to lowest level since 2009"},"content":{"rendered":"
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":[],"categories":[],"tags":[14,4],"yoast_head":"\n