OPEC Thanksgiving Meeting Could Decide If Cheaper Gas Stays
OPEC's Thursday meeting in Austria is already being called the most important in years for the oil cartel amid vast oversupply and falling oil pricesBy Cliff Judy | November 26, 2014
OPEC's members plan to sit down together Thursday for some presumably tense talks. If the headlines are to be believed, it's the oil cartel's "most important meeting in years."
The 12 member nations, controlling about a third of the world's oil reserves, will meet in Vienna, Austria, amid four-year lows in the price of oil and wide disagreement on what to do about it. (Video via BBC)
The last 100 days or so have seen a huge oversupply on the market paired with slowing demand, and oil prices responded accordingly, dropping from around $100 a barrel to less than $80 for both WTI crude and Brent crude.