Bahrain Mirror: Bahrain's oil prices crossed an unexpected limit to reach the USD 20s category in the "worst case scenario". It is expected to reach USD 25 per barrel if no big changes occur in global markets.

According to the local Bahraini Al-Wasat newspaper, Bahrain's crude oil prices reached USD 29.20 per barrel in the last week of December 2015, according to the latest official statistics conducted by the Bahrain Petroleum Company (Bapco).

The series of falling prices started in October 2014 when Bahrain's crude oil average was USD 107 in global markets, to decline since then reaching USD 29 in the beginning of January 2016 and then descending towards USD 25 per barrel, which is considered the worst case scenario not taken into account.
According to official statistics published by Bapco and data published by the Organization of Petroleum Exporting Countries (OPEC), Bahrain's crude oil prices were

less than OPEC's crude oil prices by around USD 2 throughout the months of November and December 2015, and if the prices continue at same rate, the average will reach USD 25 per barrel on January 7, 2016.

Early January 2016 is considered the worst month since 2003 when the average was USD 28 per barrel.

The deterioration of oil prices at the current time is a result of the oversupply of oil in global markets, as new players entered the domain of oil production especially rock oil due to technical development.

Arabic Issue