Opec, Oil Prices | featured news

Oil consumption rose by its fastest rate since 2004 last year, according to the latest statistics from BP. The news came as members of the Opec oil cartel failed to agree on increasing oil production as a way of lowering prices. Analysts had expected the Vienna meeting to raise output. As a result, oil prices jumped again on fears of limited supply. The value of a barrel of Brent crude rose back above $118 a barrel.

An oil price of $50 per barrel is too low for OPEC producers to invest in production and non-member countries, including Russia, should cut output to help boost prices, OPEC's secretary general said Sunday.