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Iraq Declares Record Oil Production

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Published on : Jan 20, 2015

Soon after Iraq declared record oil production and the bleak global economic outlook, the U.S. crude oil on Monday fell more than US$1 and the Brent crude oil prices fell below US$49 per barrel. As per sources, China, the largest energy consumer in the world today, faces strong downward economic pressure. It is expected that in the current week, China will report a slowed growth of 7.2% from what it was in the previous year. 

This is by far the weakest since the depths of the previous global economic meltdown. As per the data of China’s National Bureau of Statistics the house prices had fallen for a fourth consecutive month. Brent crude oil prices, down by US$1.33 finally came to US$48.84. The U.S. benchmark crude was last traded at US$47.52 per barrel. Since June, the prices of oil have come down more than 50% since the output all over the world rose and demand slowed down. 

According to the International Energy Agency, it can be expected that the prices may decline before they finally begin rising, and also a certain reversal in trend could be expected in the current year. According to an energy economist at ABN Amro the supply is way more than demand and this trend is not likely to change in the coming weeks. 

In December, Iraq had pumped a record oil quantity of 4 million barrels a day. This was the result of a rise in output from its southern terminals and supply from the north. Furthermore, a few sources have also stated that the global oil market will not be threatened even if the price of oil goes down to US$25 per barrel. 

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