The Organization of Petroleum Exporting Countries (OPEC) decided not to cut down oil production levels.

During a meeting in Vienna the members of OPEC  led by Saudi Arabia, have decided to focus on protecting their market share rather than reducing  production in an attempt to push the price back up.

According to an announcement by OPEC “the Conference concurred that stable oil prices – at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent income and to invest to meet future demand – were vital for world economic wellbeing”.

Following the statements of the Saudi Arabian oil Minister, oil recorded an over 3% loss.

Never the less OPEC decided to leave production levels as already are to 30.000.000 barrels per day.