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OPEC cuts 2015 demand forecast for its oil to lowest in a decade LONDON: 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.In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group's oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation and over 1 million bpd less than it is currently producing.The report follows OPEC's decision last month not to try and prop up prices by cutting output. Top exporter Saudi Arabia urged fellow members to combat the growth in U.S. shale oil, which needs relatively high prices to be economic and has been eroding OPEC's market share.OPEC's Nov. 27 decision to retain its output target of ...
Oil hits new five-year low on U.S stock build, OPEC LONDON: Brent crude oil fell to a new five-year low below $65 a barrel on Wednesday on mounting signs of oversupply and lacklustre demand as global economic growth falters.The price of the North Sea oil benchmark has fallen more than 40 percent since June as new supplies of high-quality crude from North America have fed a glut of fuel in many parts of the world.Data from the U.S. Energy Information Administration showed U.S crude oil ...
UK GAS-Day-ahead prices nudge higher on looming supply cut LONDON: Day-ahead natural gas prices in Britain rose on Wednesday, with scheduled maintenance on the Norwegian Continental Shelf (NCS) likely to reduce gas supplies from Norway on Thursday.Prices for delivery on Thursday rose 0.7 pence to 55.5 pence per therm at 0930 GMT"There is scheduled field maintenance tomorrow on an NCS field, with a volume impact of 16 million cubic metres a day (mmcm/d). This is likely to impact Norwegian deliveries to the UK market," ...
Oil prices drop before US data LONDON: Oil prices slid on Wednesday, but avoided new lows, as dealers awaited US stockpiles data for an indication of demand in the world's biggest consumer of crude. US benchmark West Texas Intermediate for delivery in January shed $1.06 to $62.76 a barrel.Brent North Sea crude for January lost 80 cents to stand at $66.04 in London midday deals compared with Tuesday's close. Both contracts fell to five-year low points on Tuesday before rebounding late ...
Oil falls below $66 on ample supply, rising stocks LONDON: Brent crude oil slipped below $66 a barrel on Wednesday, just above a five-year low, on mounting signs of oversupply and lacklustre demand as global economic growth falters.The price of the North Sea oil benchmark has fallen more than 40 percent since June as new supplies of high-quality crude from North America have fed a glut of fuel in many parts of the world.Data from the American Petroleum Institute (API) on Tuesday showed U.S. ...