OIL PRICES PLUNGE AFTER OPEC MEETING (STA BREAKING NEWS and ARCHIVES)

by STANews , Thursday, November 27, 2014, 10:59

Opec ministers decided not to cut oil production

The price of oil slumped after the Opec oil producers' cartel decided not to cut output at its meeting in Vienna.

Opec's secretary general Abdallah Salem el-Badri said they would not try to shore up prices by reducing production.

"There's a price decline. That does not mean that we should really rush and do something," he said.

Following the announcement Brent crude fell below $72 a barrel, hitting lows previously seen in August 2010.

The 12 Opec members decided to maintain production at 30 million barrels per day as first agreed in December 2011.

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