Oil prices dropped today due Iran''s recent refusal to reduce its oil production despite the attempts of the Organization of Petroleum Exporting Countries (OPEC) to freeze it. Iranian Deputy Oil Minister Rokneddin Javadi said his country must first recover its export levels prior to sanctions being imposed over its nuclear program.
Oil prices dropped today due Iran's recent refusal to reduce its oil production despite the attempts of the Organization of Petroleum Exporting Countries (OPEC) to freeze it. Iranian Deputy Oil Minister Rokneddin Javadi said his country must first recover its export levels prior to sanctions being imposed over its nuclear program.
Brent oil price dropped to $ 48.17 USD, while the US oil reached $ 47.77 USD a barrel.
Attempts by OPEC to reach an agreement to freeze oil output have been unsuccessful so far, in part because of disagreements between Saudi Arabia and Iran.
Source: PL