Opec holds output steady amid talk of new price war
The 30 million barrel a day (b/d) ceiling was retained, and prices dropped as a result of the announcement
Opec’s decision here in Vienna on 27 November to keep its 30 million barrel a day (b/d) ceiling intact makes market share, not price, the group’s priority. Oil prices fell sharply on the news and analysts say Opec’s move could spark a deeper sell-off in the coming weeks. Opec’s announcement, and the market’s immediate reaction, will ring alarm bells from Russia to Canada’s oil sands, with high-cost supply now directly in the firing line. In London, Brent plunged by about 9% within an hour of the decision, trading just above $71 a barrel (/b), before recovering some ground. WTI dropped below $70/b for the first time since mid-2010. Saudi Arabia, the group’s biggest producer, led the decision
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