NEW YORK (TheStreet) -- Shares of CONSOL Energy (CNX) are declining by 6.01% to $5.79 on Monday afternoon, as concerns over the global oversupply pressure the dollar and U.S. and European stock markets.
Crude oil (WTI) is plunging by 4.13% to $30.86 per barrel this afternoon and Brent crude is dropping by 3.39% to $31.09 per barrel, according to the CNBC.com index.
Iraq's oil ministry told Reuters it has been producing record-high amounts of oil into an already oversupplied market. The country's output in December was as much as 4.13 million barrels a day.
Additionally, a senior Iraqi official said the country may raise production even more this year.
OPEC announced on Monday that oil is set to begin rebalancing itself after prices dipped to their lowest since 2003, which is an indication the group will continue its policy of not decreasing supplies without help from rival producers, Reuters noted.
"We expect that we will go through one more downturn cycle of oil price. But we will recover. The market is definitely going to balance itself because today's oil price is not sustainable whatsoever," Qatar's Energy Minister Mohammed al-Sada said at a conference in London.
CONSOL Energy is a Canonsburg, PA-based integrated energy company that operates through two divisions: oil and gas exploration and production and coal mining.
Separately, TheStreet Ratings Team has a "sell" rating with a score of D on the stock.
This is driven by some concerns, which the team believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself 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: CNX