OPEC Takes No Action to Ease Supply Glut as Oil Slumps - Bloomberg

OPEC Takes No Action to Ease Supply Glut as Oil Slumps - Bloomberg:



"OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years.



The group maintained its collective production ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said today after the 12 nations met in Vienna. Brent crude dropped as much as 8.4 percent in London after the decision, extending this year’s drop to 35 percent.



Oil tumbled into a bear market this year as the U.S. pumped the most in more than three decades and conflict in the Middle East and Ukraine failed to disrupt supply. While OPEC’s 30-million-barrel limit has been in place since 2012, the group actually produced almost 1 million barrels more last month, data compiled by Bloomberg show."



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