Opec, Energy | featured news

China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

Oil consumption rose by its fastest rate since 2004 last year, according to the latest statistics from BP. The news came as members of the Opec oil cartel failed to agree on increasing oil production as a way of lowering prices. Analysts had expected the Vienna meeting to raise output. As a result, oil prices jumped again on fears of limited supply. The value of a barrel of Brent crude rose back above $118 a barrel.

OPEC lowered its five-year forecast for oil-field spending by about a third as the recession and increased energy efficiency led to a steep cut in demand estimates.