Fri, 09 Jan 2015 06:28:04 GMT
OPEC would not cut oil extraction, even if oil drops below $50
OPEC countries are not planning an oil output cut in order to underpin the prices. Benchmark Brent fell to $49.66, the lowest level since April 2009, and then retreating back to $51 on 8th of January. Meanwhile, OPEC predicted a growing production surplus, taking into account increasing production levels and slowing growth in global demand.