OPEC is meeting this week. Here’s what it could do
Dubai (CNN Business)Six months ago, OPEC agreed to pump more oil to prevent prices spiking to $100 a barrel. Now the oil cartel is talking about cutting output to stop prices crashing below $50.
Members of the Organization of Petroleum Exporting Countries will meet in Vienna on Thursday. They’ll discuss how to stabilize the world market after US crude prices plunged 22% in November, marking the the worst month since the global financial crisis in October 2008.
US crude oil is now trading around $53 a barrel, down from a four-year high above $76 in early October. Brent crude has plunged to $62 from above $86.
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