OPEC Votes Not to Cut Oil Production

Big news out of Vienna yesterday as the Organization of Petroleum Exporting Countries voted to maintain production of 30 million barrels of oil a day. Many had expected a cut in production to offset the effect of falling prices, which have dropped more than 30 percent since July.

“We will produce 30 million barrels a day for the next six months, and we will watch to see how the market behaves,” OPEC Secretary-General Abdalla El-Badri told reporters in Vienna after the meeting, according to Bloomberg News. “We are not sending any signals to anybody. We just try to have a fair price.”

Learn more about the continued uncertainty in international energy markets here.