VIENNA—OPEC members agreed on Thursday to stick to the oil-producer group’s existing output target—a move that would require modest cuts in production but which stops well short of the stronger action some members had called for to bolster prices.
The oil producer group’s decision led to a further sharp selloff in major global oil benchmarks, with U.S. markets closed for the Thanksgiving holiday. Brent crude fell about 6% to below $73, a four-year low, while the West Texas Intermediate benchmark was down 3.2% to $71.36 a barrel. Currencies of countries that are major oil producers slid, with the Canadian dollar down 0.4% against the U.S. dollar and the Russian ruble off 0.4% against the euro. Share prices of major oil companies also fell, with Royal Dutch Shell PLC down 3%, Total SA off 2.9% and BP falling 2%.
The Organization of the Petroleum Exporting Countries said its 12 members, who collectively pump around one-third of the world’s oil, would comply with its current production ceiling of 30 million barrels a day. That would involve a supply cut of around 300,000 barrels a day based on the cartel’s output in October, according to the group’s own data.
I wouldn't bet on it.
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