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Oil prices slump after Opec signals no cut in output

  • Oil prices slumped after the Opec group of oil producing countries decided against cutting output following a meeting in Vienna, according to media reports.

    Abdallah Salem el-Badri, the secretary general of the cartel, said they wouldn’t take to reducing production to shore up prices. He said the price decline did not mean that “we should really rush and do something.”

    After the Opec announcement, Brent crude reached its lowest level since August 2010, dropping below $72 per barrel at one point.

     

    Tagged as: oil prices, slump, Opec, output, Abdallah Salem el-Badri, Brent crude, business news