With oil prices reaching five year lows, Business intelligence explores some facts and figures about current oil trends.
- Oil prices have dropped by around 30% in 2014.
- The price of Brent Crude reached a five year low of $67.53 per barrel (2nd November 2014).
- OPECs decision to maintain current oil output has been a large contributing factor to the decline.
- OPEC has announced it will keep to its promised quota of 30 million barrels per day.
- The US produces nine million barrels per day.
- The International Monetary Fund states that a 30% decline in oil prices could translate into a 0.8% growth for most advanced economies.
- The average price for consumers for gasoline over the thanksgiving weekend was approximately $2.80, the lowest price in four years.