Opec decision to keep output high pulls oil prices close to 2015 lows
By dropping output curbs, the group is willing to accept low oil prices to defend market share, analysts say
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Singapore
CRUDE oil prices fell on Monday in the first session after Opec failed to agree on output targets to reduce a bulging glut that has cut prices by more than 60 per cent since June 2014.
The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday after a disagreement between Saudi Arabia and Iran meant that the group for the first time in decades didn't even mention an output quota, which previously stood at 30 million barrels per day (bpd).
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