| A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals’ output. OPEC delegates, including those from core Gulf OPEC countries, see economic troubles in top energy consumer China as short-term and unlikely to have much impact on demand for crude which will rise seasonally in the fourth quarter.
But they also believe it will take more than just a few months for weak oil prices, which fell to a more than six-year low near $42/barrel on Monday, to reduce supplies from higher-cost producers such as US shale and stimulate demand...............................................Full Article: Source
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