US may cut back on oil output as prices fall below US$90


CAN the United States maintain its rate of oil production with the drop in oil prices to below US$90 a barrel?

As the Brent crude oil benchmark fell to about US$83 on Thursday - hitting a fresh four-year low - economists say this could lead the US, now the second largest oil producer in the world, to cut back on production.

The oil price is not sustainable below US$85-US$90 a barrel, said Pedro Antonio Merino Garcia, chief economist at Spanish oil firm Repsol.

Given the higher rate at which...

BT is now on Telegram!

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