Crude oil prices near 11-year low as year ends
Saturday, January 2, 2016
Oil demand is waning globally, supply is growing and Saudi Arabia and Iran show no signs of letting up on their policies, Reuters reports.
As of Dec. 29, U.S WTI and Brent crude prices were two-thirds lower than they were in June 2014. Oil is close to an 11-year low.
Over the course of this year, Saudi Arabia and Iran both have contributed to the supply glut and have impacted rival oil producers. Saudi Arabia intends to cut its drilling budget, but experts don’t expect the nation to make any changes to its foreign exchange policies. Iran is expected to increase exports and include an additional 0.5 million barrels per day of oil to the global market in 2015.
Via: Reuters > Oil hovers near 11-year lows on abundant supply, slowing demand
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Depending on the company, royalty payments can arrive monthly or quarterly.
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