OPEC decides to not make another cut

Last month, the members of OPEC decided to cut oil production by 1.5 million barrels a day in hopes to decrease the supply to increase the price. The demand is no longer there for oil because of the struggling economy around the world. Venezuela is the one country that continues to push for another oil production reduction. The other countries have decided to not make another cut, they are relying on their last cut to take effect. This does not mean that there wont be another cut in the future, but it dampens the rumor that another cut will be made this weekend.