Oil price in Asia falls to new lows

In Asia, oil prices have dropped significantly again. If this trend continues, the crisis in emerging markets and in oil-producing countries will accelerate.

Oil prices fell to new lows. In Asia, a barrel (159 liters) of crude oil is trading at $ 27.55 on Wednesday. This was the lowest level in twelve years. On Brent, North Sea, the price fell below the $ 28 mark.

Analysts of the International Energy Agency (IEA) noted in a monthly report published the day before that due to excess supply in the world market, a further decline in oil prices is taking place. They blame mainly Iran's return to the market.

After the International Atomic Energy Agency (IAEA) confirmed Tehran's compliance with the basic requirements of the nuclear treaty, most of the economic and financial sanctions against Iran were lifted on Saturday. Thus, according to the IEA, daily oil production could rise to about 300,000 barrels by the end of March.

The oil price has been falling for a year and a half. It has dropped by about 75 percent since mid-2014.