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Oil prices to hinge on Opec cutting production

Trade tensions between the US and China, Brexit and other EU economic problems are having a negative impact on commodities such as oil

Published Sun, Aug 11, 2019 · 09:50 PM

Opec

London

THE key to oil prices in the coming year is whether Opec can significantly slash production to counter sliding demand.

The latest International Energy Agency (IEA) report indicates that demand factors will be the ruling force in the market. Its statistics show that actual production cuts do not match intention announcements and spin of the Organization of the Petroleum Exporting Countries (Opec).

In the past 12 months, Brent crude oil prices, currently trading around US$58.20 a barrel, have fallen by 23 per cent since April despite con…