OPEC Leaves Production Unchanged, Oil Futures Plummet

OPEC kept its output target unchanged at 30 million barrels per day, with oil futures showing a steep sell-off following the news. January futures for light sweet crude are trading lower by 6.4 percent at $68.96, after trading as low as $67.75 earlier. This marks the lowest level since May 2010, with oil futures now down nearly 35 percent from the highs in June of this year. Some experts have read the decision not to cut production, even in the face of falling prices, as an attempt by OPEC to slow U.S. shale production.