Home Energy OPEC to maintain oil output as oil price continues to tumbles

OPEC to maintain oil output as oil price continues to tumbles

OPEC has decided to maintain its oil output ceiling, Kuwait’s oil minister told reporters, despite a global supply glut that has sent crude prices crashing.
Asked what decision the Organization of Petroleum Exporting Countries had taken following a lengthy meeting of its dozen members, Ali al-Omair said: “No change.”
The 12-nation oil cartel, which is headquartered in Vienna, has opted to leave its collective daily oil output target at 30 million barrels, even after crude prices have plunged by more than a third in value since June.
The OPEC decision has sent world oil prices tumbling to fresh four-year lows.

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