Major Opec nations, Russia and US shale oil drillers now appear on the brink of a price war as these three giant producing blocs fight for a greater share of global demand. (Potentially disastrous news for Big Oil – ExxonMobil, Shell, BP, Chevron and Total)
The Telegraph: World on brink of oil price war as Opec set to keep pumping
Extracts
Oil slumped on Wednesday as expectations that Opec will cut production faded following dovish remarks by cartel kingpin Saudi Arabia, which could signal the beginning of a price war. Crude traded in the US fell to as low as $74 per barrel as traders bet that Opec will allow the price to fall further amid growing signs of a global price war amid producers.
Major Opec nations, Russia and US shale oil drillers now appear on the brink of a price war as these three giant producing blocs fight for a greater share of global demand.
BBC News: Oil price falls ahead of Opec meeting
The price of oil has fallen as Opec oil producers prepare for their meeting on Thursday and data showed crude stocks rose last week.
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