The price of oil has fallen about 70 percent since the summer of 2014.
At the beginning of 2016 dropped the price of crude oil to record lows, around 33 dollars per barrel, the lowest level since in 2004.
Behind the slump is a power struggle between the US and Saudi Arabia, both large producers of oil. During the past ten years, the US has increased its crude oil production. Meanwhile, the oil cartel OPEC, which includes Saudi Arabia, Nigeria, Iran and Iraq are not limited its production and thus not pushed up prices.
Available Competition is considered to be a way for the Middle Eastern oil producers trying to pick market for US , Russia and Brazil.
today, the price of oil at 50 dollars per barrel. Many analysts predict that a reduced supply of oil means that the oil price will rise by the end of the year.
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