Falling under USD 30 per barrel, oil prices have seen their lowest since 2003. With growth in China slowing down and the generally falling market demand for oil are being cited as the main reason for the drop in price. While many oil producers have lowered production to balance demand, Saudi Arabia and Iraq continue at record levels of output.It is thought that despite the production of shale oil in the USA and the lifting of sanctions on Iran, Saudi Arabia has not lowered its output in order not to lose its market share in the oil market.
By Tümay BerkinYou can read the rest of the article on our issue of May

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