OilPrice.com: Crude Tanks As OPEC Refrains From Cutting Production
Given it is ‘National Dice Day’, it is apt that OPEC has left it to chance how the market will react to an adjustment to its production quota. The cartel appears to be setting an output ceiling of 31.5 million barrels per day, as opposed to the prior arbitrary quota of 30 million.
This does not mean the cartel is raising production; it is instead putting its production target more in line with reality. Nonetheless, the market wonders whether this includes new member Indonesia, or whether it is to account for impending Iranian barrels returning to market. Either way, the crude complex is getting absolutely trounced.
More News On Today's OPEC Meeting That Failed To Agree On Production Cuts
Unable to push up prices, OPEC ministers agree to keep production at current, high level -- AP
OPEC fails to agree production ceiling after Iran pledges output boost -- Reuters
Bitterly divided OPEC fails to reach oil output decision -- CNN
Opec meeting ends in acrimony -- Financial Times
OPEC Meeting Ends With No Production Cuts -- WSJ
OPEC Offers No Hope for End to Oil Slump as Target Removed -- Bloomberg
OPEC Fights to Stay Relevant -- Leonid Bershidsky, Bloomberg
OPEC is at war - and it's sending shockwaves around the world -- CNN
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