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Opec plan to kill off US shale supply sends oil price down 7-yr low

2015-12-07 15:51:00| Climate Ark Climate Change & Global Warming Newsfeed

Guardian: The latest attempt by Saudi Arabia to kill off the threat from US shale oil has sent oil prices slumping to their lowest level since the depths of the global recession almost seven years ago. A barrel of benchmark Brent crude was changing hands at below $42 a barrel after the oil cartel Opec - heavily influenced by Saudi Arabia decided late last week to continue flooding the global market with cheap oil. With global demand weak, traders fear that Opecs refusal to cut production despite the...

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