Opec signals cheap oil taking longer to subdue rival suppliers
Cartel forecasts higher supplies from non-member countries and no extra demand for its oil this year
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London
THE Organization of the Petroleum Exporting Countries (Opec) on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude's price collapse is taking longer than expected to hit US shale drillers and other competing sources.
In a monthly report, Opec forecast no extra demand for its crude oil this year despite faster global growth in consumption, because of higher-than-expected production from the United States and other countries outside the group.
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