Jan 3, 2016, 12:47 PM
News Code: 81904815
0 Persons
65% reduction in oil prices in two-year period

Tehran, Jan 3, IRNA- Tehran Chamber of Commerce, Industry, Mines and Agriculture announced that crude oil price fell by 65% from $106 in early 2014 to $37 in late 2015.

The oil price decreased from $106 to $56 in 2014, showing a 47% reduction.

While it was estimated that the price would not drop further, it reached 37 dollars, its lowest level in 2015.

European benchmark Brent as the main index of oil price decreased to $37.28 at the end of 2015 while it had started by $56.42 in the same year.

Algeria, Iran, Iraq, Kuwait, , Libya , Nigeria , Qatar, Saudi Arabia , United Arab Emirates, Ecuador , Angola , Venezuela and Indonesia are the 13 members of the Organization of Petroleum Exporting Countries (OPEC).