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Oil prices slide as Iran sees $40 if OPEC solidarity breaks

Brent crude fell, trading near a five-year low as an Iranian official predicted a further decline in prices if solidarity among OPEC members falters. West Texas Intermediate also sank.

Futures slid as much as 1.9 per cent in London. Crude could fall to as low as $40 a barrel amid a price war or if divisions emerge in the Organization of Petroleum Exporting Countries, said an official at Iran’s oil ministry. The U.S. Energy Information Administration reduced its price forecasts for next year while also downgrading its production outlook for a second month. U.S. output is at a three-decade high.
- Jess Potts
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