World oil prices fell the most last year since the financial crisis of 2008.
When the stock closed at the end of 2014, the price of Brent crude from the North Sea and West Texas Intermediatedari America, both of which are an international benchmark, has dropped more than 45 percent last year.
Almost all of the decline in prices that occurred since June, when prices reached more than 100 dollars per barrel. At the end of the year, Brent traded 57 dollars 33 cents a barrel and US crude oil at 53 dollars 27 cents.
Analysts said the decline in prices was due to an abundant supply on the world market, which is caused by various factors.
The US and Canada have increased their oil production, thanks to fracking technology that allows companies drilling reach oil deposits that were previously unreachable. US oil production reached 9 million barrels per day, the highest level in more than 30 years.
At the same time, economic growth slowed in China, the largest energy consumer in the world, while the Japanese economy entered into recession and the euro currency exchange rate almost shrunk.
But in the US, lower oil prices have led to the lowest gasoline prices for the owners of motor vehicles within a few years, and helped boost growth in the world’s largest economy.
Experts say oil prices could continue to fall in the first quarter of 2015 before rising again.