Suppliers wait for new capacity to loosen Opec grip on global output

摘要

Fears are growing that the high price of oil could drive already hard-pressed UK manufacturers out of business. As the price of the benchmark Brent crude rose to $30.41 at the end of last week — despite an agreement by the Opec countries to increase their output — the Engineering Employers' Federation warned that UK exporters could see their already tight margins disappear. Dougie Peedle, deputy chief economist at the EEF, said: 'The longer the price stays around the $30 mark, the more pressure will be put on firms' margins.'