(Bloomberg) Ayesha Daya - OPEC pumped 2.1 million barrels a day more than projected demand in April through June, the biggest overproduction for any quarter since 1998, the International Energy Agency estimates, fanning expectations for Brent crude to drop below $100 a barrel. Priced today at $112, Brent will fall to $93 by September and $83 by year-end, according to the Center for Global Energy Studies. Shuttered oil output is poised to resume after South Sudan this week agreed on a transit fee with its northern neighbor and Yemen fixed its main crude pipeline. Those two countries will add about 500,000 barrels a day.
2012-08-10 00:00:00Full ArticleBACK Visit the Daily Alert Archive