VIENNA — OPEC oil ministers have decided to keep their present output target at 30 million barrels a day, despite an oversupply of crude and plunging prices.
The decision Thursday was expected. OPEC oil power Saudi Arabia had indicated before the meeting that it favors the status-quo.
As most followers of oil prices know the Saudis are the largest producers with the most latitude to cut or raise production. Some members with less leeway pushed for cutting production, but many experts think the Saudis are willing to suffer lower prices to curtail shale production.
For more on the Vienna meeting check this link from The Fuel Fix.
http://fuelfix.com/blog/2014/11/27/oil-price-keeps-tumbling-on-belief-opec-wont-cut-output
For more on the Vienna meeting check this link from The Fuel Fix.
http://fuelfix.com/blog/2014/11/27/oil-price-keeps-tumbling-on-belief-opec-wont-cut-output
No comments:
Post a Comment