REPORT: OPEC is meeting this week. Here’s what it could do
As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by CNN.com:
Dubai (CNN Business) — Six months ago, OPEC agreed to pump more oil to prevent prices spiking to $100 a barrel. Now the oil cartel is talking about cutting output to stop prices crashing below $50.
Members of the Organization of Petroleum Exporting Countries will meet in Vienna on Thursday. They’ll discuss how to stabilize the world market after US crude prices plunged 22% in November, marking the the worst month since the global financial crisis in October 2008.
The article goes on to state the following:
US crude oil is now trading around $53 a barrel, down from a four-year high above $76 in early October. Brent crude has plunged to $62 from above $86.
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