With oil prices falling, O.P.E.C. weighs cuts
Ministers of the Organization of Petroleum Exporting Countries meet Tuesday in Vienna and may unofficially ease back on production levels that are above OPEC quotas.
ISTANBUL, Turkey
On Tuesday, oil prices dipped below $100 a barrel for the first time since April as expectations grew that ministers from the Organization of Petroleum Exporting Countries (OPEC) would not officially cut production.
But ahead of Tuesday’s late-night OPEC gathering in Vienna, there was some speculation from energy analysts that producers would agree to modest cuts in output to slow falling prices. Member states Iran, Libya, and Venezuela argued that prices should be left higher.
Reuters reported from London Tuesday afternoon that prices of Brent Crude dropped to $99.56 a barrel. The price of light, sweet crude for October settled at $103.26 on the New York Mercantile Exchange, another five-month low.
“We will probably stay at the [present] level,” OPEC President Chakib Khelil told reporters before the meeting, according to the Associated Press.
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