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pugpig. Opec

Oil & Gas

OPEC concern widens about oil drop, but cuts still ruled out

Some of OPEC's Gulf members are concerned about the latest drop in oil prices which had not been expected, OPEC delegates said, but they see little chance of the exporting group diverting from its policy of defending market share. Brent oil is trading near $46 a barrel, close to its 2015 low after an 18 percent drop in July, pressured by abundant supplies and concern about the health of the Chinese economy, the world's second-largest oil consumer. Despite this, the delegates including from Gulf OPEC members who declined to be identified say China is still buying and stockpiling crude and they expect strong global demand growth should push prices back to $60 next year.