Oil price at four-year low as Opec meets

Oil price at four-year low as Opec meets

Crude oil prices have fallen to a four-year low as Opec nations meet in Vienna to discuss production levels.

A cut in production appears unlikely after Saudi Arabia, Kuwait, Qatar and the United Arab Emirates said they had reached a consensus on oil output.

It is thought those big producers want to maintain production at the current level.

Brent crude fell by about $2 on Thursday to $75.75 a barrel, the lowest level since September 2010.

Crude oil prices have fallen 30% since June on sluggish global demand and rising production from the US.

The fall is causing concern for members of the oil cartel, as most need a price above $80 a barrel to balance their government budgets and many need prices to be above $100 a barrel.

Source: http://www.bbc.com/news/business-30223721

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