Mubasher: Oil prices dropped 25% in 2015, the lowest in 11 years, due to some reasons, including the bankruptcy of nine oil and gas companies in the U.S. during the fourth quarter of 2015.
Oil prices declined from $114 in July 2014 to $50 at the year-end, with a decline of 56% on struggle between major countries in the world, economist Rashad Abdo told Mubasher.
Oil supply grew on the rise of production in Iran, Iraq and Russia amid the continued struggle. Accordingly, the Congress decided to resume oil export after a ban of more than 40 years, which pressured prices.
Economist Ali Al-Anzi said the Congress' latest decision will likely increase oversupply in the global markets and thus prices will decline.
