Oil prices slide to a record low in global markets

Oil prices slide to a record low in global markets

Oil prices slide to a record low in global markets

Written by Staff Writer

21 Dec, 2015 | 9:35 pm

Oil prices slid to a record eleven year low in global markets on Monday, December 21.

Brent crude was selling at 36 US Dollars a barrel, a record plunge in crude prices after 2004, according to foreign media.

The utilisation of US reserves was cited as the reason for the plunge in world oil prices in the recent past. Lifting sanctions imposed on Iran and the circulation of Iranian oil in the world market has contributed to the nose-dive in oil prices in the world market.

The political instability prevailing in Spain could also be cited as a reason for the price downfall.

Minister of Petroleum Resources Development, Chandima Weerakkody stated that the price has been formulated in order to reap benefits of the reduction in prices on the world market.

He added that the cabinet paper will be prepared to swiftly obtain cabinet approval. He went on to note that a decision on how exactly the people can reap the benefits, could only be reached following the approval of the cabinet paper.

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