OPEC unchanged, crude tanks 6%: OPEC, the Organisation of the Petroleum Exporting Countries, left their combined crude oil production at 30 million barrels per...

David Scutt

Scutt Partners

OPEC unchanged, crude tanks 6%: OPEC, the Organisation of the Petroleum Exporting Countries, left their combined crude oil production at 30 million barrels per day overnight in Vienna, resisting the temptation to ease production in light of slumping energy prices. In a statement following the decision the group noted that while global oil demand was expected to increase in 2015 'this will, yet again, be offset by the projected increase of 1.36 million barrels per day in non-OPEC supply'. While not entirely unexpected given developments in recent days, the news saw the price of WTI and Brent cascade lower with both finishing the session nursing losses in excess of 6%. Combined with the plunge recorded overnight, WTI and Brent have now lost 36% and 37% respectively since June.


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Independent Market Strategist
Scutt Partners

David is a Director of Scutt Partners Pty Ltd and has successfully worked in the financial services markets over the past 12 years with both large and smaller banking groups. He has provided strategic financial analysis for currency and interest...

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