OPEC says that oil production will not exceed 30 million barrels per day (Video)
Oil prices hit new four-year lows as the Organization of Petroleum Exporting Countries decided in Vienna on Thursday not to cut production quotas.
The announcement followed a statement by Venezuela's foreign minister that OPEC “should withdraw overproduction from the market."
OPEC Secretary, Abdullah Al-Badri has said that “the decline of the price does not reflect a [change in market] fundamentals.”
With Russia’s economy tumbling in recent months, Russian Finance Minister Anton Siluanov has said that the Kremlin needs to review the state budget, according to RIA Novosti.
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