10 December 2014
Opec leaves policy unchanged as oil price rout continues
Oil prices are now at their lowest level since the financial crisis
Crude prices saw another month of sharp declines. Opec’s decision to leave its production unchanged at its November accelerated the rout in crude oil prices, sending them to their lowest levels since the financial crisis. Brent was trading at $66 per barrel (/b) on 10 December, while WTI was trading at $62.96/b. The reasons for the decline are well established: oversupply led by higher US production and Opec’s inability to rein in its own output, weak demand, especially from China, and a strong dollar. The steep and extended price decline has forced analysts to sharply revise their expectations, with most now expecting much lower prices for 2015 and 2016 than previously forecast. Morgan S
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
