Oil prices fall after OPEC meeting

Petroleum News Staff

After an emergency meeting in Vienna on April 24, OPEC announced a surprise decision to cut its current oil production by 2 million barrels a day but raise official limits by 900,000 barrels – according to press reports a move that effectively legitimizes a major portion of extra pre-war supplies of crude. The announcement was met with a decline in oil prices. U.S. light crude futures fell $1.11 a barrel to a five-month low of $25.77 a barrel.

In a press release OPEC said it made its decision based in part “for the benefit of the world economy and the wellbeing of the market.”