working oil pumps silhouette against sun

Image: Tullow-Oil

By Qiniso Ntuli

Low oil prices will persist for longer than previously expected, according to most global asset managers, and the most reduced crude oil forecasts for this year are down by as much as 51 percent. US Investment Bank, Morgan Stanley, now sees oil mostly falling through 2016, compared with a previous outlook for prices to rise each quarter this year.

Venezuela said five other members of the Organization of Petroleum Exporting Countries would join non-OPEC producers, Russia and Oman, should an extraordinary meeting be called. There are growing calls for producers around to world to act to stem the decline in oil prices, which plunged to the lowest level in more than a decade last month.