An upgrade to US oil production and Opec holding firm on output sends the oil price and global markets tumbling
Global financial markets have taken fright at yet more signs that the hammered oil price will not make a swift recovery.
The markets reacted to the US revising its crude oil production upwards for 2015 and signs that the Organization of Petroleum Exporting Countries will maintain production at current levels.
The US Energy Information Agency said on Tuesday it expects total oil production in 2015 to be 9.35m barrels per day, slightly higher than the 9.3 million bpd in last month’s short-term energy outlook.
The Organization of Petroleum Exporting Countries is now expected to hold firm on oil production policy at its next meeting in June unless non-OPEC members agree to reduce output, according to Abdullah bin Hamad al-Attiyah, Qatar’s former minister of energy and industry, said at the Doha Energy Forum.
Full article: Global markets sell-off as the world drowns in oil (The Telegraph)