OPEC refuses to cut oil production in oversupplied market

By Kasia Patel
Published: Tuesday, 08 December 2015

The organisation has said a production cut of 5% would not push oil prices up unless non-OPEC countries also participated in capacity reductions, indicating the growing sway of the US oil sector.

Crude oil futures slumped to their lowest point in nearly seven years yesterday following a meeting held by the Organization of the Petroleum Exporting Countries (OPEC) on Friday which failed to address production rates in an oversupplied market.

Crude prices on Monday fell to $38.49 a barrel after OPEC failed...

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