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A section of an oil refinery is brought on a lorry to the Kawergosk Refinery, some 20 kilometres east of Arbil, the capital of the autonomous Kurdish region of northern Iraq, on July 14, 2014. The International Energy Agency (IEA) said on July 11, that an offensive by jihadists in northern Iraq had cut output by 260,000 barrels a day in June to 3.17 million, after fighting forced the closure of the country's biggest refinery and slashed production from the giant Kirkuk field
A section of an oil refinery is brought on a lorry to the Kawergosk Refinery, some 20 kilometres east of Arbil, the capital of the autonomous Kurdish region of northern Iraq, on July 14, 2014. The International Energy Agency (IEA) said on July 11, that an offensive by jihadists in northern Iraq had cut output by 260,000 barrels a day in June to 3.17 million, after fighting forced the closure of the country's biggest refinery and slashed production from the giant Kirkuk field

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Majid Jafar, the CEO of Crescent Petroleum, explains why oil prices remain at their lowest since 2010.