OPEC countries failed Thursday to agree to a cut in oil production that was desperately sought by some member states worried about the recent drop in prices.
Officials met for six hours of negotiations in Vienna. It would have been the first cut in production since 2008.
via money.cnn.com
OPEC relies on coordination to restrict oil output and maintain at levels that are predictable for oil revenue dependent economies. At least that's how things used to work. Not so much anymore.
"The lack of action is bad news for oil-producing countries like Russia, Nigeria and Venezuela, which depend on prices of at least $90 a barrel to meet their economic targets."
But good news for Thanksgiving travelers.
Happy Thanksgiving.
