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  • 14-12-14

    OPEC will not change oil output as oil hits five-year low

    (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.

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