07.12.2015 - Iran oil minister blames OPEC oversupply for low crude prices
OPEC members that supply too much crude oil to the market are responsible for low prices, Iran's oil minister said on Sunday, two days after the cartel failed to agree on a production ceiling. The Organization of the Petroleum Exporting Countries (OPEC), which accounts for about a third of world oil output, announced no change in policy at a meeting on Friday, setting the scene for more price wars in an already heavily oversupplied market. Oil prices have more than halved over the past 18 months to a fraction of what most OPEC members need to balance their budgets. Benchmark Brent and U.S. crude futures fell nearly 2 percent after the meeting...............................................Full Article: Source
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