The decision by OPEC that the output ceiling would remain unchanged has seen the price of Brent drop below $75 for the first time since 2010.
Here is just some of the reaction from around the world following that announcement in Vienna:
So OPEC doesn't bend. Last hopes of oil price surge fades away. #OPEC#Oil
— Tarun Nagdev (@nagdevtarun) November 27, 2014
So OPEC decides that there is little to be gained by trying to hold the price and go with long term bet. Not sure all members agree!
— Malcolm Graham-Wood (@mgrahamwood) November 27, 2014
— عبدالله الشايجي (@docshayji) November 27, 2014
OPEC decided not to cut oil production and to further fight US shale oil producers. Let's see how down oil price goes and who dies first.
— Marco Bigelli (@marcobigelli) November 27, 2014
OPEC declares war on high cost oil producers! What does this mean for Alberta and US shale?
— Conscious Wealth (@NaheedGilani) November 27, 2014
— Sijbren de Jong (@Sijbren_deJong) November 27, 2014
OPEC's "no action" is similar to a global fiscal stimulus package. Citi had estimated USD1.1T stimulus from oil plunge (when Brent was $83)
— Yadullah Hussain (@Yad_FPEnergy) November 27, 2014