Oil prices hit fresh lows as Opec begins pivotal meet

12-member cartel under pressure from Venezuela and Ecuador to cut output


OPEC ministers met on Thursday to decide whether to slash oil production amid a glut in global supplies, sending crude prices to new lows ahead of their pivotal vote.

The 12-nation oil cartel is under pressure from its poorer members such as Venezuela and Ecuador to cut output as collapsing prices have slashed their precious revenues.

But its powerful Gulf members have rejected calls to turn down the taps unless they are guaranteed market share in the highly competitive arena, particularly in...


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to