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Brent sinks below $75 per barrel, dollar rises above 48 rubles on OPEC’s decision

November 27, 2014, 19:49 UTC+3 LONDON
The world oil cartel decided at its meeting on Thursday to keep oil output quotas at 30 million barrels per day
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© EPA/WU HONG

LONDON, November 27. /TASS/. The price of Brent crude oil blend fell to below $75 per barrel in London’s ICE trade on Thursday for the first time since September 2010 after the world oil cartel decided to keep output quotas unchanged.

The price of Brent futures for January delivery declined by 4% as of 6:30 p.m. Moscow time (15:30 GMT) to $74.7 per barrel.

The US dollar rose to 48.05 rubles, above the psychologically important level of 48 rubles and the euro climbed to 60 rubles.

The world oil cartel decided at its meeting on Thursday to keep oil output quotas at 30 million barrels per day, Ecuador’s Minister of Non-Renewable Natural Resources Pedro Merizalde said.

‘We have kept quotas at 30 million barrels per day and will look at production efficiency,” he said.

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