L
LequteMan
Guest
The price of oil slumped after the OPEC oil producers' cartel decided not to cut output at its meeting in Vienna, the BBC reports.
According to Reuters, Saudi Arabia blocked calls from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low.
Brent oil fell more than $6 to $71.25 a barrel, hitting lows previously seen in August 2010.
The OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices.
The 12 Opec members decided to maintain production at 30 million barrels per day as first agreed in December 2011.
#OPEC #Oil
According to Reuters, Saudi Arabia blocked calls from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low.
Brent oil fell more than $6 to $71.25 a barrel, hitting lows previously seen in August 2010.
The OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices.
The 12 Opec members decided to maintain production at 30 million barrels per day as first agreed in December 2011.
#OPEC #Oil
