There is no need to panic at the recent collapse in oil prices, the secretary general of Opec said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Brent crude extended its decline to a third day, dropping towards $85 a barrel on Tuesday, still under pressure from a Goldman Sachs report that slashed the investment bank's oil price forecasts amid a global supply glut.
Brent crude futures extended declines to below $86 a barrel on Monday after Goldman Sachs cut its price forecasts for the contract and for US oil by $15 in the first quarter of next year.
The US investment bank said in a research
Opec should cut its oil output by at least 500,000 barrels per day (bpd), a Libyan oil official said, to tackle oversupply and support prices that have slid to a four-year low.
The 12-member Organization
Standard Chartered Bank oil analyst Paul Horsnell, renowned for having called the market's long rally a decade ago, is back, and sticking with a more bullish bias even as prices slump to four-year lows.
Brent crude futures steadied above $86 a barrel on Wednesday, clinging to gains from the previous session as buyers gradually returned to a market hammered to four-year lows by abundant supply.
Expectations that oil demand may pic
Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years, official data showed on Monday, as the top oil exporter fights for market share amid weak demand and ample supplies from rival producers.
Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia and other Gulf Opec members and reducing the likelihood of any collective cut in Opec output to support prices.
The Organization of the Petroleum Exporting Countries (Opec) is unlikely to call an emergency meeting as proposed by Venezuela, two Opec sources said, a sign the exporter group is in no rush to discuss a collective response to the shar
Brent crude fell below $88 a barrel on Tuesday, returning to a nearly four-year low hit the day before, after the world's energy watchdog cut its estimates for oil demand this year and next.
The global oil benchmark has droppe