OPEC Resists Further Cuts
Having already cut output by 4.2 million barrels per day since September, OPEC said it will keep crude oil production steady at the weekend.
Many analysts had expected a further cut as the cartel aims to get crude back above $50/barrel.
It seems however that the group have become resigned to oil around $45, and are realising that the price isn't going to get back where they'd like it in the current economic environment no matter how much they cut production.
Crude is more then $2 lower early Monday on the news, currently trading at $44.13/barrel.
Many analysts had expected a further cut as the cartel aims to get crude back above $50/barrel.
It seems however that the group have become resigned to oil around $45, and are realising that the price isn't going to get back where they'd like it in the current economic environment no matter how much they cut production.
Crude is more then $2 lower early Monday on the news, currently trading at $44.13/barrel.
