Oil prices could plunge to US$30 a barrel in 2018 and maintain that low price for some two years, if OPEC fails to make steeper output cuts, Fereidun Fesharaki, chairman of oil and gas consultancy FGE, said at a conference on Monday. The current OPEC cuts could be enough to keep the price of oil at around US$50 per barrel for the rest of this year, Fesharaki said at the International Association for Energy Economics conference in Singapore, as quoted by Platts . But next year, new supply is expected to overtake demand growth if OPEC doesn’t deepen the production cuts. This would send oil prices lower, according to Fesharaki. Last week, the International Energy Agency (IEA) said that non-OPEC production in 2018 would increase by 1.5 million barrels daily – a rate that would surpass the growth of global demand. Speaking at the Singapore conference on Monday, FGE’s […]