Opec decision to keep output high pulls oil prices close to 2015 lows

Singapore

CRUDE oil prices fell on Monday in the first session after Opec failed to agree on output targets to reduce a bulging glut that has cut prices by more than 60 per cent since June 2014.

The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday after a disagreement between Saudi Arabia and Iran meant that the group for the first time in decades didn't even mention an output quota, which previously stood at 30 million barrels per day (bpd).

"Past communiques have at least included statements to adhere . . . or maintain output in line with the production target (of 30 million barrels per day). This one glaringly did not," Barclays bank said.…