Oil prices fall as OPEC decides to keep output high
Last week’s meeting failed to agree production targets, with Reuters saying that a “disagreement between Saudi Arabia and Iran meant that the group for the first time in decades didn’t even mention an output quota, which previously stood at 30 million barrels per day (bpd)”.
Speaking after last Friday’s OPEC meeting, RAC Fuel Watch spokesman Simon Williams said: “After the meeting concluded at 3pm with no cuts planned the market settled and the oil price dropped back down ending slightly lower than yesterday’s barrel price at $41.50 for Brent crude.
"We therefore expect the trend to continue and anticipate that we are likely to see a further fuel price cut of two pence a litre for fuel in the next fortnight.”
Oil prices have already fallen below $40/barrel since Friday and according to reports some market analysts are speculating that they could hit $20 a barrel in 2016.