Energy and Environment

OPEC leaves oil production alone

By Kyle Feldscher
Published December 4, 2015 5:14pm ET
Add Washington Examiner on Google
OPEC leaves oil production alone
The news is good for consumers, as keeping output high will keep global oil prices low, but it will continue to squeeze U.S. oil producers, particularly frackers, whose drilling methods are more expensive than conventional means. (AP Photo) | Vahid Salemi

The Organization of the Petroleum Exporting Countries decided not to cut production of crude oil during its meeting in Vienna Friday.

Emmanuel Ibe Kachikwu, president of OPEC and minister of state for petroleum resources in Nigeria, said the market’s outlook is too cloudy to cut production. With dropping output from non-OPEC countries and Iran coming on to the global oil market soon after international sanctions lift, the cartel felt it was not the right time to make a decision, Kachikwu said.

Already a print subscriber? Click here to login/register your account

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.

Tag:

Gas Prices Kyle Feldscher Minusextra Oil OPEC