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Oil sank into a bear market as leading OPEC members resisted calls to cut production and instead reduced export prices to the U.S.
Brent crude futures plunged below $80 yesterday for the first time since September 2010 on concern OPEC is in no hurry to halt a four-month slide in prices.
Brent crude futures, used to price more than half the world’s oil, traded near a four-year low Wednesday on speculation that OPEC’s biggest members will refrain from paring output to drain a global surplus.
Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said.
The findings highlight the policy shift needed to limit global warming, which the IEA said is on track to increase the world’s temperature by 3.6 degrees Celsius by the end of this century.
The U.S. shale boom masks threats to global oil supply including Middle East turmoil, conflict in Ukraine and the difficulty of unconventional oil production beyond North America, the International Energy Agency said.
For Rosneft, the timing of the economic sanctions against Russia couldn’t have been worse: the company has to repay almost $30 billion in loans by the end of the next year, debt racked up in the 2013 purchase of competitor TNK-BP.
Operations were suspended after vibrations were detected in an ore crusher unit at the site, the company said in an e-mailed statement.
“What worries us is that some investors will not continue to invest,” United Arab Emirates’ Energy Minister Suhail Al Mazrouei said.
The Organization of Petroleum Exporting Countries could reassert control by cutting output, ceding more market share to U.S. shale oil producers.