Oil production in Iraq reached a record high in December. In the country's central and southern regions, output reached 4.13 million barrels a day.
Going forward, Iraq may boost production even further this year, according to a senior Iraqi oil official, Reuters reports.
"The news that Iraq has probably hit another record builds on the oversupply sentiment," Hans van Cleef, senior energy economist at ABN Amro told Reuters.
Additionally, HSBC and UniCredit both reduced their oil estimates for 2016 earlier today due to an excess supply in the market.
Crude oil (WTI) is diving by 6.8% to $29.98 per barrel and Brent crude is sliding by 6.4% to $30.12 per barrel, according to the CNBC.com index.
Separately, TheStreet Ratings currently has a Sell rating on the stock with a letter grade of D+.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally high debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: COG