MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries' (OPEC) move earlier this month to maintain its production targets and the International Energy Agency's (IEA) warning that continued oversupply would worsen into next year have pushed oil prices to their lowest level since the global financial crisis in 2009.
WTI January futures fell to $34.61 per barrel after falling by over 1.84 percent by 12:15 GMT.
Most of the oversupply in the market came from OPEC's slightly raised production last month, the agency said. The oil cartel decided to keep production at its 30 million barrels per day quota, on December 4, in a bid to hold on to market share. Non-OPEC producers' output remained steady throughout the year.
Brent crude prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015. Prices have been fluctuating around an average of $55 per barrel throughout 2015.
