OPEC leaves production as is | World News |Axisoflogic.com

The global oil producing organization announced they will maintain prices at their current levels.

The Organization of Petroleum Exporting Countries (OPEC) announced Thursday that they will not cut oil production. Oil prices have dropped to four-year lows as news that OPEC will maintain its production levels unchanged. Days prior, Saudi Arabian oil minister Ali al-Omair's words hinted to this outcome.

After a five hour meeting amongst member nations which ministers suggest had "the interest of restoring market equilibrium" at the forefront, the 12-nation oil organization, whose headquarters are located in Vienna, has decided to leave its collective daily oil output target at 30 million barrels, despite the fact that crude oil prices have dropped by more than a third in value since June. Currently oil prices range at about USD$75, down 30 percent in just five months.

OPEC's official statement reads, "As always, in taking this decision, member countries confirmed their readiness to respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market."

Latin American's largest oil producer, Venezuela, advocated for changes in oil prices to approximately $USD 100 a barrel. The OPEC decision comes as a disappointment to nations supporting this initiative. Venezuelan Foreign Minister Rafael Ramirez stressed that four oil producing nations, Venezuela, Saudi Arabia, Mexico and Russia will meet again in three months to reevaluate the oil market situation.

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