Massive oversupply of crude oil could cause further fall in prices. Though prices have been a bit stable over the last few weeks, yet IEA says lower prices are foreseen ahead into 2016.
The world oil market can not absorb the already oversupply causing a possible drop or lower oil prices.
All seven major global oil firms have also reported annual
declines in profit as a result of lower oil prices.
The IEA said OPEC crude oil production rose 340,000 barrels
per day (BPD) in June to 31.7 million barrel as day, a three-year high, led by
record output from Iraq, Saudi Arabia and the United Arab Emirates. This new
records of supply simply means lower oil prices....
No comments:
Post a Comment