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OPEC cuts 2015 demand forecast for its oil as shale boom persists LONDON: Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015.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.The report follows OPEC's decision last month not to cut output despite plunging prices, as top exporter Saudi Arabia urged fellow members to combat the U.S. shale oil boom which has been eroding OPEC's market share.Copyright Reuters, 2014 ...
Brent crude oil hits 5-year low near $65 in volatile trade LONDON: Brent crude oil fell to a 5-year low near $65 a barrel in volatile trade on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut.Prices briefly reversed losses to trade higher ahead of the U.S. open, with some investors betting the 40 percent-plus price slide since June was overdone.But as U.S. equity markets opened lower oil prices quickly came off again, with traders refocusing on how fast-growing U.S. shale ...
UK gas prices edge lower as Norwegian imports boost supply LONDON: Prompt natural gas prices in Britain eased on Tuesday, as a rise in flows from Norway's Vesterled pipeline added to oversupply in the system.Prices for next-day delivery eased to 54.20 pence per therm at 1018 GMT, down 0.4 pence from the previous settlement.The UK gas system was 12 million cubic metres oversupplied.Deliveries from Norway to Britain rose by 6 million cubic metres (mcm) per day from the previous day to 131 mcm/day on Tuesday, ...
Brent crude oil steadies after hitting 5-year low below $66 LONDON: Brent crude oil hit a fresh five-year low on Tuesday before steadying near $66 a barrel as some cautious buying emerged following a 43 percent price slide since June.Fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year.Supply and demand will set the price for oil in coming months, an oil ...
Brent crude oil rebounds after hitting 5-year low below $66 LONDON: Brent crude oil hit a fresh five-year low on Tuesday before rebounding to near $67 a barrel, as some buyers emerged in the hope that prices are bottoming following a more than 40 percent slide since June.Fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year."Although talks of oil reaching its ...