Thursday, 27 November 2014 - 12:19
OPEC set for pivotal decision on oil output amount
The OPEC oil producer’s cartel will meet in Vienna for a pivotal decision on whether to reduce the amount of oil it produces,faced with a global supply glut that has massively depressed crude prices.
The price of US benchmark oil fell to a four-year low yesterday on growing expectations that the Organization of Petroleum Exporting Countries will not take significant action in the Austrian capital, home to the 12-nation cartel that pumps out about a third of the world's crude.
Today's OPEC meeting is the most significant in recent years after crude futures have sunk by more than 30 per cent since June on plentiful oil supplies, a strong dollar and worries about stalling energy demand in a weak global economy.