The price of oil went even lower this month, with a barrel of Brent crude dropping to $78. This is its lowest price since 2010. US crude fell to under $75 per barrel.
Opec meets on November 27, with all analysis pointing at output being reduced in order to push prices upward again.
The US Energy Information Administration (EIA) is slashing its forecasts for oil by up to $20, and has also revised down its global demand forecast.
Funnily enough, Opec has predicted that oil prices will hit $177 by 2040, which will entail the world needing to find an additional 21 million barrels per day over the next 25 years. Good to see that someone is looking and thinking ahead.
