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OPEC Decides Not To Reduce Oil Production

The Organization of Petroleum Exporting Countries (OPEC) has decided not to reduce oil production, despite a huge oversupply in world markets.

Following a meeting in Vienna on November 27, OPEC announced it would leave its combined oil production unchanged at 30 million barrels per day.

The 12-nation oil cartel, comprising some of the world's biggest oil producers, overrode calls from weaker members to cut output in the face of global oversupply and falling prices.

After the OPEC meeting ended, the price for Brent crude oil hit a four-year low of $71.25 a barrel, recovering to $72.58 later in the session.

U.S. crude was down $4.64 at $69.05.

OPEC delegates agreed to meet again in June next year.

Based on reporting by AP and AFP