Oil prices drop near to seven-year low
The OPEC countries refrained from cutting its output target at the group’s meeting in Vienna. The group is currently producing around 31.5 million barrels per day (bpd) and has persistently remained above its most recent production target of 30 million bpd. No new production target or policy guidance emerged from the group’s latest meeting.
However, oil prices regained some lost ground in intraday trading today due to China’s crude oil import data for November, which indicated a higher than expected increase of 8.7% to reach 6.61 million bpd in the first eleven months of the year.
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