Oil prices plunge after OPEC leaves output stable
The Organization of Petroleum Exporting Countries (OPEC) has decided not to reduce oil production, despite a huge oversupply in world markets. The decision caused global oil prices to drop further.
Following a meeting in Vienna on Thursday, OPEC announced it would leave its combined oil production unchanged at 30 million barrels per day.
The 12-nation oil cartel, comprising some of the world’s biggest oil producers, overrode calls from weaker members to cut output in the face of global oversupply and falling prices.
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Source News: DW