Name: Oil Prices Are Falling—Again
Uploaded: 2016-03-14
Duration: 41 s
Description: Thanks to Iran

Oil Prices Are Falling—Again

oil prices fell from a three month high after Iran refused to restrain its output, the country's oil minister said. Iran won't join a coordinated production freeze until its output reaches four million barrels per day, which is about what it was producing in 2012 before it was hit with sanctions by the United Nations over its nuclear program. Analysts say it doesn't seem like it will hit that goal anytime soon because it would have to produce another half a million barrels per day, which is considered ambitious. Low oil prices haven't spurred economic growth in the way many had hoped. Economists say the price of oil has bottomed out, but the market is still oversupplied and they don't see a recovery until 2017.