OPEC Keeps Oil Output Levels

Posted November 28, 2014 at 8:18am

The Pittsburgh Post-Gazette reports that “the oil cartel OPEC decided Thursday not to cut petroleum production, despite the plunge in prices in recent months that has indicated the diminishing clout of the organization.”  

“On news of the decision by the Organization of the Petroleum Exporting Countries, the price of Brent crude oil, a global benchmark, fell an additional $4 to a four-year low of about $73. U.S. crude dropped below $70, an even more significant threshold.”  

“A more than 30 percent decline in prices in recent months has shaken the 12-member group. For three years, OPEC had little trouble keeping prices in the $100-a-barrel range that many of its members consider satisfactory.”