OPEC's decision to drop the price of oil to its lowest level in 2015



It landed in crude oil prices, on Monday, the first trading session after the failure of OPEC members to agree on a target for production to reduce the glut increasing supply that led to the fall in oil prices more than 60 percent since June 2014 and did not OPEC agree on a limit to the production of oil on Friday During the meeting witnessed a dispute between Saudi Arabia and Iran to issue a final statement for the first time in decades without mention of the ceiling of production, who was 30 million barrels a day. Barclays said, "at least the previous data indicate commitment, or maintain production at the target level of 30 million barrels per day, but the final statement did not include it." Analysts said, "The organization sends by giving up its production restrictions a letter to other producers such as Russia and producers of oil shale in the United States that it was ready to accept the low oil prices to defend its market share." Said Oo.sa.ba.sa Bank, said that "OPEC sends warning to rivals that any reduction of production falls on their shoulders." The price of Brent crude fell 30 cents to $ 42.70 a barrel, not far from the level reached during the height of the global financial crisis in the years 2008-2009.