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 source
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.
TRENDING NOW
Singapore developer in limbo after Timor-Leste scraps major township project
From hawker stall to Enterprise Award winner: How Han Keen Juan scaled the Old Chang Kee empire
‘I feel so stupid’: How young Indonesians get stuck on the debt treadmill
Hanoi orders 20% surge in IP enforcement cases in May after US warning
