OPEC would not cut oil extraction, even if oil drops below $50

Source: Reuters
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.
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