1. Fast-growing oil reserves
US commercial oil reserves have broken all records in the past year. The volume of oil storages in the United States reached a 80-year-old top-level of 490 million barrels. They then declined slightly in the middle of summer, but the end of the year and increased again in December, has already exceeded the figure of 490 million barrels per day. And now, the oil reserves of the United States remains the highest in the world.
2. All of increasing OPEC production
The cartel began to exceed its own quota in November 2014. Since then, OPEC production rose by more than 1 million barrels a day. Production growth was recorded mainly in Iraq (plus 900 thousand. - 1 million barrels per day) and Saudi Arabia (plus 600 thousand barrels per day). The December meeting of OPEC caused a new fall in oil prices. And with the return on Iranian oil market, OPEC production in 2016 will rise further.
3. Slow down the Chinese economy
China has been the main driver of growth in oil demand last decade. But in 2015, China's economy is cracking, GDP growth slowed down, and across Asia began to spread fears of global instability. And then on the stage appeared quietly India. In t…