Energy OverView January 5, 2015

Oil prices are plunging, once again, nearing the psychologically important $50 level. The sell-off has become a syndrome with daily doses of news that bring reports of increased production and shaky demand. Just this morning, attention is on a surge in output from Russia, where oil production has hit a post-Soviet era high. Iraq output is expected to surge to 3.3 million bpd in a post-Saddam Hussein era record.