Oil Price Drops After OPEC Meeting

The global price of crude oil further dropped on Friday, after the Organisation of Petroleum Exporting Countries, OPEC, decided not to cut output at its meeting in Vienna.

Abdallah Salem el-Badri, OPEC’s secretary general said they would not try to shore up prices by reducing production.

“There’s a price decline. That does not mean that we should really rush and do something,” he said.

Following the announcement Brent crude hit its lowest since August 2010, falling below $72 a barrel, before settling at $72.82, representing 5 per cent drop on the day.

The US benchmark dropped $4.64 to $69.05 a barrel, although market business slowed by midday due to Thanksgiving holiday in the US.

The 12 OPEC members decided to maintain production at 30 million barrels per day as first agreed in December 2011.

“We don’t want to panic. I mean it,” said el-Badri. “We want to see the market, how the market behaves, because the decline of the price does not reflect a fundamental change,” he said.

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