Opec sup­ply cuts in­ef­fec­tive

The Star Early Edition - - BUSINESS REPORT -

NEW OIL sup­plies from Opec’s ri­vals will be more than enough to meet growth in de­mand next year, the In­ter­na­tional En­ergy Agency said in its first fore­cast for 2018, an in­di­ca­tion the car­tel may need to ex­tend pro­duc­tion cuts fur­ther. The US, Brazil, Canada and other pro­duc­ers out­side Opec will in­crease out­put next year by the most in four years, the IEA said. Oil prices have slipped 14 per­cent in New York this year as hopes that sup­ply curbs by Opec would end a three-year sur­plus have proven wrong.

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