OPEC Refuses to Cut Production

The Organization of Petroleum Exporting Countries (OPEC) energy ministers meeting in Cairo have decided to leave production levels at the current level, rejecting a request by Venezuela to reduce production by one million barrels a day. According to OPEC President Chakib Khelil, no decision will be made before the next meeting set for Algeria in December 17. A cut of 1.5 million barrels initiated last month failed to stem the free-fall in oil prices. OPEC members account for 40 percent of the world supply.