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Oil+markets+face+uncertain+future+as+OPEC+targets+competitors
Tuesday, 23 December 2014 - 13:24
Oil markets face uncertain future as OPEC targets competitors
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The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty.

Gathered in Abu Dhabi for a key conference, senior energy officials from Arab Gulf nations insisted they will not cut production despite the freefall in oil prices.

A supply glut, lower demand and the stronger US dollar have all contributed to pushing down oil prices, which have dropped nearly 50 per cent since June to around 60 dollars a barrel.

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