The Organization of Petroleum Exporting Countries (OPEC) today announced that its members could not reach an agreement to change OPEC's production quotas. How significant is that announcement? In my opinion, not very.
Forbes provides these details:
Brent crude price fell below $83 per barrel to a four-year low today, because of increased concerns related to the growth of the global economy and a supply glut. On the other hand, US benchmark of crude oil, West Texas Intermediate (WTI) also fell below $80 per barrel for first time since June 2012, to a low of $79.78 per barrel. Brent and WTI prices have lost more than 25% of their respective values since June on fears related to slowing growth in demand and ample supply.
SINGAPORE (Reuters) - Oil fell more than $1 a barrel to below $54 on Friday, as OPEC ministers prepared to meet in Cairo on Saturday to discuss falling prices and another potential supply cut amid weakening oil demand.