OPEC, at its latest meeting on Friday, agreed to stick to its policy of unconstrained output. Front-month Brent futures fell to US$62.8 a barrel, while US crude was at US$58.57 per barrel. As a result, crude oil prices fell as markets were expected to be increasingly oversupplied following OPEC's decision. OPEC output currently stands above 30 mln bpd, contributing to a market that is already seeing millions of barrels of crude stored in tankers without a buyer. OPEC ministers said the group may even exceed the 30 million bpd target, especially if there is an increase in production and exports from Libya, Iraq or Iran.
08-Jun-15 
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