18 August 2017
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OPEC says that oil production will not exceed 30 million barrels per day (Video)

Oil prices hit new four-year lows as the Organization of Petroleum Exporting Countries decided in Vienna on Thursday not to cut production quotas.

The announcement followed a statement by Venezuela's foreign minister that OPEC “should withdraw overproduction from the market."

OPEC Secretary, Abdullah Al-Badri has said that “the decline of the price does not reflect a [change in market] fundamentals.”

With Russia’s economy tumbling in recent months, Russian Finance Minister Anton Siluanov has said that the Kremlin needs to review the state budget, according to RIA Novosti.

See’s video section for more of the latest news from Ukraine in video from Ukraine Today, Ukraine’s 24-hour English-language news channel.

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