OPEC decided here Thursday to maintain its oil output ceiling, Kuwait’s oil minister told reporters, despite a global supply glut that has sent crude prices crashing.

Asked what decision the Organization of Petroleum Exporting Countries had taken following a lengthy meeting of its dozen members, Ali al-Omair said: “No change.”

The 12-nation oil cartel, which is headquartered in Vienna, has opted to leave its collective daily oil output target at 30 million barrels, even after crude prices have plunged by more than a third in value since June.

The OPEC decision sent world oil prices tumbling to fresh four-year lows.

At about 1450 GMT, London’s Brent North Sea crude for January delivery dived to $74.36 per barrel.

New York’s West Texas Intermediate for January slumped to $70.87. Both were low points last seen in late August 2010.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.