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Oil markets may be in for pain felt by miners

Iron ore producers who predict a swift exit by higher cost suppliers as their commodity enters a bear market are caught out as output curbs prove slower than expected

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US crude output surged to 9.19 million barrels a day in the week to Jan 9, the fastest pace in weekly records dating back to 1983, amid a global supply surplus estimated at two million barrels a day.

Melbourne

OIL producers reluctant to curb output even as prices tumble to five-and-a-half year lows do not need to guess what the future holds. They can ask a miner.

In coal to iron ore markets, suppliers have raised volumes even as prices slumped, boosting global gluts and

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