As for OPEC, last month it pumped oil at the highest rate in almost 25 years. Saudi Arabia, the UAE and Kuwait have announced plans to heighten oil output capacity.
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Record Oil Prices Era Is Over»
Analysts expect that oil futures to fall this week
Analysts expect that oil futures to fall this week amid increased global production and slowing demand growth.
US crude oil inventories have jumped 8 per cent to 291.5 million barrels since September 17 as imports surged. High prices will reduce the rate of oil consumption growth next year, according to the International Energy Agency.
Last week crude oil fell $2.29, (4.6 per cent), to $47.32 a barrel on the New York Mercantile Exchange.
As for OPEC, last month it pumped oil at the highest rate in almost 25 years. Saudi Arabia, the UAE and Kuwait have announced plans to heighten oil output capacity.
As for OPEC, last month it pumped oil at the highest rate in almost 25 years. Saudi Arabia, the UAE and Kuwait have announced plans to heighten oil output capacity.
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