Oil in New York traded near a five-year low as Russia reiterated that it will keep crude production steady next year, echoing OPEC’s strategy of refraining from curbing supply to tackle a global surplus.
17 Dec 2014, business.mega.mu
Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.
11 Dec 2014, business.mega.mu
Brent crude fell to a fresh four-year low on Friday, sending oil-related shares and currencies lower, after OPEC decided to refrain from cutting output despite a supply glut.
28 Nov 2014, business.mega.mu
OPEC Gulf oil producers will not propose an output cut on Thursday, reducing the likelihood of joint action by OPEC to prop up prices that have sunk by a third since June.
27 Nov 2014, business.mega.mu