• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Constative

Constative

News, Celebrity Lifestyle, Facts And References

  • News
  • Lifestyle
  • Glam
  • Funny
  • Facebook Link
  • Twitter Link
  • Pinterest Link
  • Business
  • News

Oil price falls below $45 per barrel

January 13, 2015 by Kelly Davies Leave a Comment

  • Facebook Link
  • Twitter Link
  • Pinterest Link

Oil prices continued their dramatic slump to near-six-year lows on Tuesday, as an oil minister from OPEC (Organization of the Petroleum Exporting Countries) reiterated that the group would not be changing its production strategy.

WTI crude for February delivery fell below $45 a barrel on Tuesday morning for the first time since April 2009 and was trading at $44.51 a barrel at 7.30 a.m. GMT. Brent crude futures lost over 4 percent in the morning session and were trading at $45.41 a barrel. Both have crash by around 60 percent since mid-June last year.

OPEC Price
OPEC prize/ Photo by OPEC

Weak global demand and booming U.S. shale oil production are seen as two key reasons behind the price plunge, as well as OPEC’s reluctance to cut its output.

Editorial content

Nigeria’s crude oil production, which has been going downward in the past few years, looks set to its biggest decline in  oil price this year amid the weak global demand, reduction in capital investment by oil companies on the back of low oil prices, among others. However Nigeria is set to shift from dependency on oil as FG is revamping the Agricultural sector in the country to help stabilize the country economy.

Filed Under: Business, News

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Trending

18 Nostalgic All-You-Can-Eat Buffets

30 Things People Used to Collect in the 70s and 80s

18 Drive-In Restaurants That Have Fallen from Grace

25 Forgotten American Holidays and Traditions

27 TV Characters Who Set a Terrible Example as Friends

Our latest

28 Foods We Loved Before Nutrition Labels Ruined Them

18 Nostalgic All-You-Can-Eat Buffets

30 Things People Used to Collect in the 70s and 80s

18 Drive-In Restaurants That Have Fallen from Grace

More to See

28 Bizarre Food Combinations All Kids Used to Love

40 Photos Depicting Old School 4th of July Celebrations

27 Everyday Things That Are Mildly Infuriating

27 Comparison Photos That Put Things in Perspective

Footer

Explore Constative

  • Facebook Link
  • Twitter Link
  • Pinterest Link
  • About Us
  • Terms of Service
  • Disclaimer
  • Constative.com Privacy Notice

Copyright © 2025 · Constative,com "not a made up word"