Pump jacks and wells are seen in an oil field on the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom on March 23, 2014 near McKittrick, California. David McNew/Getty Images/AFP
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It'll take more than $40 crude to make OPEC change its mind, analysts said before the group's Dec. 4 meeting in Vienna. In the year since the Organization of Petroleum Exporting Countries chose to defend its market share and let prices sink, a 44-percent plunge in crude has slashed members' revenues by almost half a trillion dollars. For some OPEC members, opposed to the kingdom's plan since they unveiled it last November, the cost has been too high.Oil prices may drop to as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market, Venezuelan Oil Minister Eulogio del Pino said Sunday, advocating the group adopt an "equilibrium price" of $88 that would cover the cost of new investment in production capacity.The ceiling may be raised to 31 million barrels a day, from the current 30 million, according to two OPEC officials who asked not to be identified.OPEC has rarely observed the target since it was set in 2011, and has strayed ever further as Saudi Arabia and Iraq raise output to cement their market share.
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