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Montevideo, February 5th 2023 - 23:47 UTC

Tag: Crude supply

  • Saturday, November 24th 2018 - 08:59 UTC

    Oil price slumps 8% to lowest in more than a year: Crude supply grows faster than demand

    Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel, OPEC is expected to start trimming output

    Oil prices slumped up to nearly 8% to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.