"VIENNA — The oil cartel OPEC decided on Thursday not to cut petroleum production, despite the plunge in prices in recent months that has indicated the diminishing clout of the organization.
On news of the decision by the Organization of the Petroleum Exporting Countries, the price of Brent crude oil, a global benchmark, fell an additional $4 to a four-year low of about $73. American crude dropped below $70, an even more significant threshold.
A more than 30 percent decline in prices in recent months has shaken the 12-member group. For three years, OPEC had little trouble keeping prices in the $100-a-barrel range that many of its members consider satisfactory."
Stanley Reed reports for the New York Times November 27, 2014.
Source: NY Times, 11/28/2014
