Price of a crude oil barrel has dropped to USD 36

The price of a crude oil barrel has dropped to the remarkable price of USD 36.05.

This is the first time the price has dropped this low since 2004.

Just 18 months ago, a brent crude oil was at USD 115 until the price fell about four months ago.

Experts say that such a significant change has come because the oil exporting countries are producing more than the demand.

Organization of the Petroleum Exporting Countries (OPEC) has said that they would not be reducing their production rate.

The 12 OPEC countries were producing 30 million barrels of oil at the end of November 2015 following a decision made by the organization in 2011.