No cut in OPEC output

Oil shares fall after decision announced from Vienna meeting

There will be no cut in OPEC output.
There will be no cut in OPEC output.

Led by Saudi Arabia, the group of OPEC countries has resisted calls to cut oil output.

The price of oil fell on the back of the announcement because of worries about over-supply, with Brent crude falling to $73.50 – its lowest level since September 2010.

The ceiling for output of the OPEC group of countries will remain at 30mn barrels of oil per day, with the next date for the group to meet set for June 5, 2015.

Saudi Oil Minister Ali al-Naimi told reporters after the meeting: “It was a great decision.”

The decision is understood to have angered some of the smaller OPEC countries, which argued for a cut of around 2bn barrels of oil per day.
 

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