Opec may raise oil production despite falling demand

With Brent crude hitting US$80 a barrel, Opec may want to hedge against further falls in global demand for oil

The International Energy Agency sent a veiled warning to speculators if volatility spikes, stating that it "is ready to act if necessary to ensure that markets remain well supplied".

PHOTO: BLOOMBERG

London

BRENT crude oil prices have just breached the US$80-a-barrel mark, but demand is beginning to slip even as the Organization of the Petroleum Exporting Countries (Opec) may raise production at its upcoming meeting on June 22.

The International Energy Agency (IEA) estimates