Skip to content
Wednesday 19 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE · FR
MorningWire

European business, markets and politics

FTSE 100
10,743.35
+0.14%
DAX
26,091.33
-0.14%
CAC 40
8,501.91
-0.09%
STOXX 50
6,444.46
-0.37%
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
More
GermanyFranceEU InstitutionsCompetitionPublic AffairsBankingTechnologyEnergy
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
  • DE
Monday 05 January 2015 7:52 am

Oil slides to new five-and-a-half-year low amid global supply glut

By: Jessica Morris

Add as a preferred source on Google

Brent crude slipped below $55 per barrel today, marking a new five a half year low for the black stuff.

It came after record supplies from Iraq and Russia fueled speculation persistently low prices were set to continue.

Data from Russia's energy industry showed oil output hit a post-Soviet high last year at around 10.5m barrels per day.

Elsewhere Iraq's oil exports for December were at their  highest since 1980, according to an oil ministry spokesman.

Oil has suffered since mid-June, losing nearly half its value amid a global supply glut and increasingly fierce competition from the US shale gas industry.

Last year Saudi Arabia's oil minister, Ali al-Naimi, said the $60 per barrel price would be temporary, yet others expect oil prices to remain persistently low throughout the next year.

This has created winners and losers – consumers and retailers have rejoiced at the increased spending power of many Britons, however oil and energy companies worry falling prices will eat into their profits.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business

Trending Articles

  • Jobless Banquet: Youth unemployment surge ‘sends Neets to KFC’

  • As it happened: FTSE 100 drops as oil prices rise after Trump makes Hormuz threat

  • US bond market jitters spark UK economy recession warning

  • Amanda Blanc has worked her magic at Aviva

  • City law firm sues prominent Emirati business family

More from Morning Wire

  • As it happened: Stocks slide despite tech and data boost; Oil falls after OPEC+ ups output

    Markets
    Samsung has missed earnings expectations
  • Exclusive: Saudi ship struck by Houthis had insurance from Lloyd’s insurance giant

    Insurance
    Rising borrowing costs depicted amid escalating tensions following the Iran war, illustrating economic impact on global ma...
  • Oil prices return to crisis levels

    Markets
    Close-up of a petrol pump nozzle dispensing fuel at a gas station, highlighting rising fuel costs and economic impact.
  • Trump suspends strikes amid new peace hopes

    Politics
    Donald Trump speaking at press conference podium, addressing media with serious expression, American flags in background
  • As it happened: Stocks slip as oil hits $100 following Houthi attacks on tankers

    Markets
    FTSE 100 stocks rise as Brent crude oil prices jump 1.8% to $104.98 amid Strait of Hormuz tensions and Trumps Iran stance
  • Burnham’s cost of living push under threat as oil hits $100

    Markets
    Two men stand in the ocean with multiple oil tankers and cargo ships in the hazy distance.
  • As it happened: FTSE 100 drops as oil prices rise after Trump makes Hormuz threat

    FTSE 100 Live
    Donald Trump speaking at a podium, microphone visible, discussing the Strait of Hormuz
  • Oil price falls but Trump and Iran clash on negotiations claim

    Markets
    Donald Trump smiling in a blue suit and tie with an American flag pin, US flag in background
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • EU Institutions
  • Europe

Business

  • Markets
  • Business
  • Economy
  • Regulation
  • Competition
  • Public Affairs

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook