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A Barrel of Oil is now cheaper than the cost of an actual Barrel to keep the oil in

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On Monday, the price of a barrel of Brent Crude dropped below $28 which is now cheaper than the cost of a barrel.

Image via sabc.co.za
Image via sabc.co.za

The oil price has continued to slide after the lifting of economic sanctions against Iran as Iran is expected to send fresh reserves of oil into an already oversupplied market.

Saudi oil filed, image via twitter
Saudi oil filed, image via twitter

Iran has the fourth largest oil reserves in the world and it would add to the one million barrels a day of over-supply.