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Energy markets fall as reports say OPEC to maintain output policy

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By Euronews
Energy markets fall as reports say OPEC to maintain output policy

<p>Energy markets fell following unconfirmed reports that <span class="caps">OPEC</span> has kept its policy of pumping near-record volumes of oil.</p> <p>Anonymous sources quoted by <a href="http://uk.reuters.com/article/uk-opec-meeting-idUKKBN0TM30520151204">Reuters</a> and <a href="http://www.worldoil.com/news/2015/12/04/opec-sets-new-output-ceiling-at-315-mmbopd-delegate-says">Bloomberg</a> say collective output is to be raised by one and a half million barrels a day to 31.5 million.</p> <p>If so, the hike would come despite plunging prices, the objections of poorer members, doing nothing to address the problem of overproduction.</p> <p>The murmurs from <span class="caps">OPEC</span> sent Brent oil futures falling by two percent to $43 (39.5 euros) a barrel.</p> <blockquote class="twitter-tweet" lang="en-gb"><p lang="en" dir="ltr">Oil prices plunge after <a href="https://twitter.com/hashtag/OPEC?src=hash">#OPEC</a> is said to raise its output target from 30m bpd to 31.5m bpd. <a href="https://t.co/QdkiFRBUZL">pic.twitter.com/QdkiFRBUZL</a></p>— Paul Wallace (@_PaulWallace) <a href="https://twitter.com/_PaulWallace/status/672781446621327361">December 4, 2015</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>Saudi Arabia and its Gulf allies have been sticking to their strategy of defending market share – hoping that lower prices may ultimately drive higher cost producers such as US shale firms out of the market.</p> <p>The Saudis have previously said they may consider a cut in output – only if <span class="caps">OPEC</span> members Iran and Iraq cooperate, and non-members such as Russia join in too.</p>