Oil prices fell on Friday after OPEC announced its members have decided to stick with the policy of maintaining crude production in order to preserve their market share.
Following OPEC’s Friday meeting in Vienna, Iranian Minister of Petroleum Bijan Zangeneh said, ‘Nothing serious was agreed upon.’
Internationally traded Brent was down 61 cents, or 1.4 percent, at $43.23 at 12:56 p.m. EDT (1756 GMT), having fallen earlier this week to a low of $42.43, within cents of August’s 6-½ year trough, Shana reported.
US crude was trading down $1.05, or 2.6 percent, at $40.03 per barrel.
OPEC had been widely expected to roll over its year-old policy, despite pressure from those members of the group for a cut in output to prop up the price of oil.
During a press conference, OPEC President Emmanuel Ibe Kachikwu said the producers’ group was taking a ‘wait and watch’ policy. The OPEC members will meet again in June 2, 2016 to reassess policy.
The members also decided to reinstate OPEC secretary general for a period of 7 months.