OPEC refuses to cut oil production in oversupplied market
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
Crude prices on Monday fell to $38.49 a barrel after OPEC