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Oil prices reach new depths on oversupply LONDON: Oil prices reached new multi-year low points on Wednesday owing to a supply glut and weak global demand, analysts said.Brent struck $83.37 a barrel -- the lowest level for nearly four years -- and the WTI contract dropped to $80.37, a point last seen more than two years ago.In later deals, Brent North Sea crude for delivery in November stood at $84.06 a barrel, down 98 cents compared with Tuesday's close.US benchmark West Texas Intermediate (WTI) for November was down $1.16 at $80.68. "For as long as OPEC makes no move to tackle this threat of a massive oversupply by reducing production, prices are likely to continue to fall," said Commerzbank analyst Carsten Fritsch.Currently, members of the Organization of the Petroleum Exporting Countries, such as kingpin Saudi Arabia, are in fact slashing the prices they charge customers for their crude in order to gain market share.The International Energy Agency ...
Oil falls to $84, near 4-year low, on oversupply LONDON: Brent crude fell to a fresh 47-month low on Wednesday before recovering to just above $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply.Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015.Core members of the Organization of the Petroleum Exporting Countries appear to be focused ...
Oil falls to post-2010 low after IEA cuts demand forecasts LONDON: Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.The global oil benchmark has dropped almost 25 percent from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets.The International Energy Agency said on Tuesday world oil demand growth ...
OPEC unlikely to hold emergency meeting on oil drop-sources LONDON: OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, ...
Statoil says Tanzania LNG plant to start in 2021/22 at earliest OSLO: Norwegian energy firm Statoil expects its Tanzania gas liquefaction plan to start up in 2021 or 2022 at the earliest, the firm said on Tuesday. "If we experience no delays, our preliminary schedule indicates that it is not realistic to start up production before 2021-22, at the earliest," Statoil spokesman Knut Rostad told Reuters. "Our focus is now on reducing the technical and commercial uncertainties and aligning some key outstanding framework conditions together with ...

 





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