Oil price falls on OPEC decision

The decision of the Organization of the Petroleum Exporting Countries (OPEC) late on Friday (June 22) to increase output by one million barrels a day has caused Brent crude oil to fall to $74.78 a barrel as of 9:17 this morning. However, the production levels are still not considering to be high enough to warrant greater falls in the cost of oil and that airlines are being advised to expect a tighter oil environment this year. Airlines are still hedging their fuel requirements (see latest from Kenya Airways below) but there are those carriers that refuse to try and mitigate