The price of a barrel of the Organization of Petroleum Exporting Countries (OPEC) on Thursday fell 6.26 percent and amounted to $ 27.85 at its lowest level for more than 12 years ago, today the group said in Vienna oil.
After three consecutive declines, with an accumulated loss of 12.4 percent ($ 3.94), a barrel of OPEC crude traded yesterday to its lowest price since November 6, 2003.
The price of black gold OPEC started down hard early last year due to group decision to maintain its production level despite the oversupply in the market.
The initial aim of OPEC, especially his "heavyweight", Saudi Arabia, was to shift the market called shale oil produced in the United States and you need more than $ 60 a barrel.
However, with this sharp drop, the oil producers themselves suffer serious problems in their economies and state budgets, especially in countries like Iran and Venezuela.
This sharp drop in prices amid the diplomatic crisis between Saudi Arabia and Iran after the execution of a Shiite opposition cleric in Iraq.
At the same time, the oil market is experiencing a downward pressure on demand due to the slowdown in the growth of China, the second largest economy. EFE