OIL Still going down

The Brent crude oil price tumbled 12% last week to below the US$50/barrel mark. Officials from Opec, which produces around 40% of the world’s oil, have emphasised that they will not cut production in order to halt the slide in prices despite oil now trading at the lowest level in five years. Opec’s collective quota remains at 30m bbl/day. The low price has resulted in 154 exploration rigs being idled over a five-week period — the largest number since February 1991.