The global oil glut will last through 2016 as the strongest demand growth in five years and faltering supply fail to clear the surplus, according to the International Energy Agency.
August 12, 2015BusinessFuel
Oil Tumbles to Six-Year Low on OPEC Output, Yuan Move
Crude closed at the lowest level in more than six years in New York as OPEC production climbed while China’s devaluation of the yuan bolstered concern that the world’s second-biggest economy will slow.
August 11, 2015BusinessFuel
OPEC to Maintain Current Oil Output
OPEC ministers extended their campaign to restrain rival oil producers by continuing to pump oil into a global supply glut and keeping their combined daily production target at 30 million barrels.
June 5, 2015