Low petroleum prices are hurting capital spending and inflation prospects, raising questions about global growth.
“They are seeing the writing on the wall,” environmental activist Wael Hmaidan told the Guardian.
The S&P materials index fell 2 percent, its steepest fall in three weeks, with Dow Chemical and DuPont both declining.
The global oil group has raised its production limit to reflect more accurately how much oil it has sent to global markets.
OPEC's top producers, like Saudi Arabia, Iran and Iraq, won't cut output, virtually guaranteeing bargain basement petroleum at $40 a barrel ... or less.
Saudi Arabia has maintained that a cap on oil production would not work if non-OPEC producers like Russia and Mexico do not agree to output cuts.
OPEC is not expected to agree to production cuts that would boost prices when it meets starting Friday.
The industry that has helped mitigate recessions for the U.K. for decades is taking a big hit from low oil prices.
Oil prices jumped on the signal that Saudi Arabia would work to stabilize oil prices, but the gains were quickly erased.
With Iran set to join the global oil market in coming months, experts worry prices will remain low amid a market oversupply.
As investors scrambled into safe havens following last week’s deadly attacks in Paris, prices of oil and precious metals edged slightly up Monday.
Global stockpiling of oil hit a 10-year peak with crude prices firmly below the $50 per barrel level this year, according to a report by the International Energy Agency.
OPEC Secretary-General Abdalla El Badri said the expectation "is that the market will return to more balance in 2016,” Bloomberg reported.
With the slump in global oil prices, Chevron announced Friday it plans to cut thousands of jobs.
"If we are above $60 by the end of 2016, I will be a little bit surprised."
While this year’s figure is nowhere near 2012’s total of $65 billion, defense officials see 2015 as a more honest representation of the state of the industry.
Lorenzo Mendoza runs Venezuela's largest private company, Empresas Polar.
A member of the Organization of the Petroleum Exporting Countries, aka OPEC, Venezuela has been seeking more storage space in the region.
Growing demand from emerging and developed markets, and lower supply from non-OPEC countries, will lead to recovery, the organization's secretary general said Sunday.
A rise in U.S. crude inventories offset previous forecasts for falling production.
Many OPEC members have had deficits this year trying to compete with the United States' share of the oil market.
Diezana Alison-Madeuke, who served under former Nigerian President Goodluck Jonathan, was reportedly arrested Friday in London.
