Oil Prices Plummet As OPEC Decides Against Output Cut -- USA Today
VIENNA — Oil prices fell sharply Thursday after the powerful oil collective OPEC said it would't intervene in global markets and cut production levels to stem oil prices that have fallen 30% since June.
Saudi Arabia's oil minister Ali Al-Naimi delivered the news as he left a meeting of the cartel in Vienna.
Crude oil prices plummeted 2.7% to $72.61 a barrel following the annoucement. In June, prices were as high as $115 a barrel.
Energy ministers from the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, are in Austria against the backdrop of oil prices that are at their their lowest levels in four years. That drop is partly a result of output that is running ahead of demand. It is also being driven by a boom in shale production in the United States.
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More News On OPEC Deciding To Not Cut Its Production Quotas
OPEC Leaves Oil Production Quotas Unchanged, and Prices Fall Further -- New York Times
OPEC: No cut in oil production and prices keep falling -- CNN
OPEC Takes No Action to Ease Supply Glut as Crude Oil Slumps -- Bloomberg
Saudis win case for no OPEC output cut -- Reuters
OPEC Leaves Production Target Unchanged -- WSJ
Opec leaves oil output unchanged -- BBC
Oil falls $3 to 4-year low after OPEC leaves output unchanged -- Reuters
This is GREAT news! WTI would need to fall below US$50 before having any significant impact on U.S. production. Fracking is getting cheaper all the time! What this means is the US is becoming energy independent and we wont need to buy OPEC crude! It's a huge freebie for US energy CONSUMERS!!!
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