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Light at end of tunnel for Opec?
Its decision to maintain output, resulting in crude's collapse, could pay off next year
Add BT as a preferred sourcePublished Fri, Aug 28, 2015 · 09:50 PM
London
WHILE Opec's fight to snatch market share from rival oil producers might look like a costly failure as prices languish below US$50 a barrel, an entirely different picture could emerge next year.
Supplies outside Opec are expected to contract in 2016 for the first time since 2008, sliding by 200,000 barrels a day, according to the International Energy Agency. With consumption set to grow by 1.4 million barrels a day, Opec and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.
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