IEA, IEF and Opec probe role of markets in oil crash
Impact of US shale, speculation and bank commodity exits high on the agenda
Hedging by US E&P firms helped bolster crude supply
The role of financial markets in the recent collapse of crude oil prices came under close scrutiny at a joint technical meeting of the International Energy Agency (IEA), International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries on March 30.
From a high of $115.06 a barrel (/bbl) on June 19 last year, front-month Brent North Sea crude oil futures crashed to below $50/bbl in January 2015. The front-month futures, which are traded at Atlanta-based Ice, stood at $55.
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