At more than $100 a barrel, peak global oil demand was scheduled for 2025, but it is now on ice if oil stays at $50 to $70 for over five years, a report said, warning that continued high prices may have led to zero global demand growth.
Oil prices were little changed on Tuesday, with Brent holding above $48 following comments from a top Opec official that prices may have found a floor.
Opec secretary-general Abdullah Al-Badri said oil prices may have bottomed out
Oil prices declined on Monday, with US crude falling close to a nearly six-year low, as Saudi Arabia's new King Salman moved to assuage fears of an unstable transition and any policy change in the world's largest oil exporter.
Investment in oil sector is already being hit hard due to the recent price plunge . Unless production is added, surplus capacity will be quickly eroded, setting up the stage for the next oil price surge, says a top industry analyst.
Gold climbed towards a five-month high on Monday as an electoral win by Greece's anti-austerity party sparked fears of renewed instability in Europe, triggering safe-haven demand for bullion.
Greek leftist leader Alexis Tsipra
The Organization of the Petroleum Exporting Countries (Opec) defended its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could le
GCC governments will be able to use huge financial reserves built up in past years to keep state spending high, ensuring solid economic growth at least through 2016, a report said.
Also, strong consumer spending and private sector
Opec defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up.
Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts fretted that the outlook for the next six months remained bleak due to oversupply.
Oil fell as much as 5 per cent on Tuesday after t
The new chief executive of Saudi Arabia's National Industrialisation Co (Tasnee) said on Tuesday that slumping oil and petrochemical prices were creating a difficult near-term outlook for the industry.
Mutlaq Al Morished spoke