<P> Because of oversupply and lack of agreements between oil - producing countries members of the OPEC ( Saudi Arabia in particular , which pumped at world 's records ) and also because of lack of coordinated efforts between OPEC and Non-OPEC countries ( Russian being a big player , refusing to reduce production ) the price of oil fell rapidly in 2015 and continued to slide in 2016 causing the cost of WTI crude to fall to a 10 - year low of $26.55 on January 20 . The average price of oil in January 2016 was well below $35 . Oil did not recover until April 2016 , when oil went above the $45 mark . </P>
<P> Because of oversupply and lack of agreements between oil - producing countries members of the OPEC ( Saudi Arabia in particular , which pumped at world 's records ) and also because of lack of coordinated efforts between OPEC and Non-OPEC countries ( Russian being a big player , refusing to reduce production ) the price of oil fell rapidly in 2015 and continued to slide in 2016 causing the cost of WTI crude to fall to a 10 - year low of $26.55 on January 20 . The average price of oil in January 2016 was well below $35 . Oil did not recover until April 2016 , when oil went above the $45 mark . </P>
when did the oil prices start to drop
when did the oil prices start to drop
2015
2015