http://www.usatoday.com/story/money/markets/2014/11/27/opec-vienna-meeting/19570473/

IENNA — Crude prices plunged Thursday after the powerful Organization of Petroleum Exporting Countries said it wouldn't cut production levels to stem the collapse in oil prices that have fallen 40% since June.

Saudi Arabia's oil minister Ali Al-Naimi delivered the news as he left a nearly five-hour meeting of the cartel's 12 oil ministers here.

Benchmark crude oil prices plummeted in London following the meeting, with Brent crude sinking 6.2% to $69.11 a barrel. In June, prices were as high as $115 a barrel. Oil prices are at their lowest levels since September 2010, in part due to oversupply, lower demand and a boom in North American production.

Thursday's collapse — which comes amid an apparent split within OPEC about whether to trim output — could lead to further price cuts at the pump, where U.S. consumers now pay an average $2.80 a gallon — down about 49 cents a gallon from year-ago levels.

Tom Kloza, global head of energy analysis for the Oil Price Information Service, said without a substantial cut to mollify selling pressure, crude prices are likely to continue falling.

"There is simply too much crude, given likely demand patterns, if the cartel doesn't cut back,'' Kloza said.

But Abdalla Salem el-Badri, OPEC's Libyan-born secretary general, brushed aside concerns Thursday about too much oil on the market leading to declining prices. He said OPEC was looking for a fair price and does not target a maximum or minimum price.

"We are not tying to send signals to anybody," el-Badri said. "We should not rush or panic, we have to wait for the market to settle. The decline in prices that we have seen does not reflect fundamentals."

OPEC re-committed to a production target of 30 million barrels a day.

"It was anti-climatic and expected," said Jamie Webster, an energy analyst at IHS, a consultancy. "The concern I have next is that (OPEC) is just not going to go below 30 million barrels, ever. If that's the case we could be in for a really wild ride over the next few months. I am very surprised that they didn't have any discussion about having another meeting before June next year."

Webster said that the communique issued Thursday by OPEC was the exact same one they issued a year ago when oil prices were $25 higher.

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This is fantastic. An organization that was meant to keep prices in their favor are loosing now

Wonderful, it would be nice if the regular people could stop getting sodomised at the fuel pumps for once.

Well, I think my state was trying to pass a higher gas tax or some preposterous idea. It's fucking bullshit. Here we are with prices that allow more people to travel and get out of the house and with that a higher percentage of people spending and thus an extension of tax revenue, yet the government wants to ruin that 

We're feeling the great gas prices here in canada too, I fucking love this and I'm gonna be getting a fuck ton of gas while I can.

Quote from: Mega Sceptile on November 27, 2014, 10:39:21 PM

We're feeling the great gas prices here in canada too, I fucking love this and I'm gonna be getting a fuck ton of gas while I can.

How much is the lowest you've seen?

$2.49 is the lowest around here

1.07/litre.

And yet the price of petrol here is like 60pc tax, anyway.

Fuck the government.