The price of oil plunged by more than 8 per cent to four-year lows yesterday after Opec decided not to lower its output target despite months of falling prices that have battered the budgets of many of the cartel’s members.
The decision pushed down energy shares, weakened oil exporters’ currencies and darkened the outlook for US shale producers. It came against the backdrop of an almost 40 per cent slump in the oil price since mid-June.
As the group said it would roll over its existing 30m barrel-a-day production ceiling, ICE January Brent — the international oil benchmark — fell by $6.50 to $71.25 a barrel. It later pared its losses, trading at $72.80.
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