UK oil majors BP and Shell are under pressure after the price of Brent crude oil tumbled towards the $70 mark following an Organization of the Petroleum Exporting Countries (OPEC) decision not to cut production.
The 12-country oil collective had been considering intervening in the global oil market in a bid to stop the downward slide of oil prices, which had already fallen by some 30% since June. However, with OPEC having yesterday opted to maintain supply at current levels wth the aim of "restoring market equilibrium", the price of Brent oil plummeting another 8% towards the $70 per barrel mark. Brent was trading as low as $71 after the OPEC announcement on Thursday afternoon, having been as high as $114 just five months ago, and continued to touch four-year lows this morning. WTI crude, ...
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