Ian Guider's Market Talk

Oil producers won’t slow their daily output, and Opec can’t stop them

21st February, 2016
Estimates suggest that oil production exceeds demand by about 600,000 barrels a day, driving down the priceBloomberg

We have an oil problem. There’s too much of it, and not enough demand. The falling price is hurting everyone (well, apart from consumers!). It’s obvious what needs to be done. Yet, last week, the biggest producers of oil in the world decided not to do the obvious and reduce their production to try to bring some stability to crude prices.

Instead, Saudi Arabia and Russia agreed to freeze their production...

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