Warnings of worse to come loom over oil's big week in London

London

AS THE oil industry gathers in London for its annual round of cocktails and conferences one message is coming through loud and clear: The worst of the price slump isn't over.

Crude is trading close to US$30 a barrel after falling to a 12-year low last month, but production is still taking longer than expected to decline and record oil stockpiles just keep on growing, according to bankers, traders and executives attending the IP Week conference. There are few signs that prices will rise, and plenty of risk they will drop further.