Brent crude oil price bbc
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These are external links and will open in a new window. Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks. Many observers expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas, and the oil-producing group Opec resists calls for cuts in production to support prices.
Despite this, the Saudi King used a speech, delivered by the Crown Prince on Tuesday, to again insist the oil giant will not cut production, despite themselves having to decrease discounts to Asian customers as the low prices bite. There are other signs Saudi Arabia may be feeling the pinch a little too hard, despite its large foreign reserves and cheap production costs.
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Iraq however is suffering badly. With major security challenges there, they are already budgeting for a huge deficit. Whilst many consumers and businesses welcome a drop in the cost of fuel, oil producing countries including Russia and Venezuela have been hit as the price of their main export falls.
In the UK politicians have called for more of the fall in oil prices to be passed on to consumers. On Monday, Chancellor George Osborne tweeted that it was "vital this is passed on to families at petrol pumps, through utility bills and air fares".
Speaking BBC Radio 5 Live Sainsbury's chief executive, Mike Coupe said fuel prices could eventually fall below a pound a litre:. However, former US treasury secretary Larry Summers, who says the world is not doing enough to combat climate change, warned there were increased risks associated with lower energy prices.
Mr Summers wants to see the widespread adoption of carbon taxes and says that the current system of combating carbon emissions is not working. He says that putting a more appropriate price on carbon emissions would help tackle climate change.
King Salman has replaced the previous heir to the throne - his nephew - with his year-old son. Cookies on the BBC website The BBC has updated its cookie policy. Continue Change settings Find out more. Accessibility links Skip to content Accessibility Help.
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Brent crude oil price falls to six-year low - BBC News
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Video Why are global oil prices falling? Who are the winners and losers? Falling oil prices threaten to transform the industry. Top Stories Saudi king ousts nephew for son King Salman has replaced the previous heir to the throne - his nephew - with his year-old son. UK Home England N. Ireland Scotland Wales Politics. Business Home Market Data Markets Global Trade Companies Entrepreneurship Technology of Business Business of Sport Global Education Economy. BBC News Services On your mobile On your connected tv Get news alerts Contact BBC News.
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