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Crude prices fall as OPEC fails to cut quota

Xinhua, December 5, 2015 Adjust font size:

Oil prices dropped Friday as the Organization of the Petroleum Exporting Countries (OPEC) ended a meeting without any agreement to reduce the production.

The cartel's output makes up around 40 percent of the global crude production. OPEC maintained it output quota of 30 million barrels per day at June's meeting. The ceiling has been breached routinely by the group.

The group will maintain its current production, about 31.5 million barrels a day. The statement released Friday said that the group will "closely monitor market developments in the coming months."

The organization observed that global economic growth is currently at 3.1 percent in 2015 and is forecast to expand by 3.4 percent next year. In terms of supply and demand, it was noted that non-OPEC supply is expected to contract in 2016, while global demand is anticipated to expand again by 1.3 million barrels per day.

The West Texas Intermediate for January delivery moved down 1.11 U.S. dollars to settle at 39.97 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 0.84 dollars to close at 43 dollars a barrel on the London ICE Futures Exchange. Endit