Resumen de OPEC refuses to cut oil production in oversupplied market
"This downward trend should accelerate in H2 2015 and H1 2016 given various factors, including stable low oil prices, coupled with a more cautious approach by equity investors who will limit the availability of cash to allow producers to sustain operations," OPEC's November oil report outlined.
While some OPEC members have pushed for production cuts that might push oil prices up, OPEC's president and Nigeria's petroleum minister, Emmanuel Ibe Kachikwu, said following the meeting that a 5% reduction would be unlikely to improve prices unless non-OPEC producers also joined in production cuts.
"Oil is going to make lower lows and lower highs for the foreseeable future and, in terms of market reaction post-OPEC, I'm not surprised but it does leave the door open for prices to fall," Gain Capital analyst, Fawad Razaqzada, told the news service.
