Oil was down in Asian trade today amid speculation that Opec may boost crude supplies despite faltering energy demand. The 12-nation Organisation of the Petroleum Exporting Countries (Opec) oil cartel will meet tomorrow in Vienna amid growing fears that high crude prices could further dent world economic growth and energy demand. The oil cartel pumps about 40% of global supply. Iran, Opec's second-biggest crude producer, favours high oil prices and traditionally opposes an increase in production of the cartel.
June 7, 2011
Oil down in Asia on fears of higher supply
Oil was down in Asian trade today amid speculation that Opec may boost crude supplies despite faltering energy demand. The 12-nation Organisation of the Petroleum Exporting Countries (Opec) oil cartel will meet tomorrow in Vienna amid growing fears that high crude prices could further dent world economic growth and energy demand. The oil cartel pumps about 40% of global supply. Iran, Opec's second-biggest crude producer, favours high oil prices and traditionally opposes an increase in production of the cartel.
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