US oil prices plummeted 7.1% on 13 November, chalking up a record 12 straight days of declines, as OPEC said production increases from the group and Russia more than offset losses from Iran, and lowered its forecasts for demand growth for this year and next. The price collapse has led to an exodus of investment in oil, with investors fleeing into other commodities such as gold and natural gas. Russia’s production rose 50,000 barrels a day, OPEC said in its monthly report. Iran’s production fell by 156,000 barrels a day in the period.
US oil prices plummeted 7.1% on 13 November, chalking up a record 12 straight days of declines, as OPEC said production increases from the group and Russia more than offset losses from Iran, and lowered its forecasts for demand growth for this year and next. Output from OPEC members climbed by 127,000 barrels a day in October and Russia’s production rose 50,000 barrels a day, OPEC said in its monthly report. Iran’s production fell by 156,000 barrels a day in the period.