OPEC refuses to cut production ceiling

Organization of Petroleum Exporting Countries (OPEC) has made it clear in their just concluded bi-annual meeting that they will not cut down crude supply output. With production rate likely to increase from countries outside OPEC members, the cartel has become more cautious of oil pricing. Over supply rate may continue

In a statement from Vienna, members attending the 167th OPEC meeting said that with the decision, member countries confirmed “their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.” Next meeting is Dec 2015.