Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, even though they dipped below $50 a barrel this week. OPEC decided against limiting production at its last meeting on Nov 27, despite misgivings from non-Gulf members, after Saudi Oil Minister Ali al-Naimi said the group needed to defend market share against U.S. shale oil and other competing sources. Those misgivings have grown with a slide in oil prices to below half their level in June, hurting the economies of OPEC's smaller producers. Benchmark Brent dipped to $49.66 on Wednesday, its lowest since April 2009, before rising to $51 on Thursday. http://yhoo.it/1AMgeQ8 http://bit.ly/1fJ5yqZ
No Chance of OPEC Output Cut, Even After Oil Dips Below $50 - Gulf Delegates
Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, even though they dipped below $50 a barrel this week. OPEC decided against limiting production at its last meeting on Nov 27, despite misgivings from non-Gulf members, after Saudi Oil Minister Ali al-Naimi said the group needed to defend market share against U.S. shale oil and other competing sources. Those misgivings have grown with a slide in oil prices to below half their level in June, hurting the economies of OPEC's smaller producers. Benchmark Brent dipped to $49.66 on Wednesday, its lowest since April 2009, before rising to $51 on Thursday. http://yhoo.it/1AMgeQ8 http://bit.ly/1fJ5yqZ
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