Oil continued its decline with a record level of production, "OPEC" in July 8/4/2015
Oil continued its decline with a record level of production, "OPEC" in July
Oil prices continued to decline on Monday because of concerns of increasing the supply of oil at a time when the organization "OPEC" production reached record levels in July, while weak Chinese data raised fears of slower growth in the second-largest oil consumer in the world. The absence of a plan by the "OPEC" to accommodate the return of more Iranian oil to concerns about the supply of oil, predicted Iranian Oil Minister Bijan Zanganeh that Iran increases production of 500 thousand barrels per day as soon as the lifting of sanctions by one million barrels per day within months.
In addition, It dropped the price of crude Brent 44 cents to $ 51.77 a barrel at 02:13 GMT. fell US crude 36 cents to $ 46.76 a barrel, after reaching its lowest level in four months at $ 46.35, and landed the nearest month rates of 20.8% maturity in in July, the largest monthly decline since October 2008.