OPEC will not change oil output as oil hits five-year low
14 Dec 2014
(MENAFN) The UAE Oil Ministry said that OPEC will stand by its decision not to cut crude output even if oil prices fall as low as USD40 a barrel despite the prices of oil continuing with their decline, reaching five-year lows in their prices, Gulf Business reported.
OPEC, which last month decided to keep the group’s collective output target unchanged at 30 million barrels a day, said that it currently does not have a target price for oil and that it expects that the market will eventually stabilize itself
These comments come after Brent crude prices slumped 2.9 percent to USD61.85 a barrel, the lowest price since July 2009, continuing in their declining rhythm which it began last June as a result of market overflowing and a slowdown in demand from both China and the Eurozone.
The market’s overflowing happened as the 12 members of the Organization of Petroleum Exporting Countries (OPEC) pumped 30.56 million barrels a day in November, amounting in them exceeding their collective target for a sixth straight month.