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Existing oil production 'mostly untouched by current oil price'

Analysts also say it will take at least another US$10 price fall before output is shut down to reduce supply glut

Published Thu, Jan 8, 2015 · 09:50 PM
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Singapore

EVEN at US$50 per barrel, current oil prices will not affect most existing oil production.

With operating costs still significantly lower, it would take at least another US$10 drop in oil prices before existing production would be shut down to reduce the current supply glut, analysts said on Thursday.

Brent crude, the international oil benchmark, stabilised to trade at US$51.45 a barrel on Thursday at 9pm, Singapore time. The…

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