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Commissioner Piebalgs said oil prices should be left up to the market to decide (Photo: European Commission)

EU condemns OPEC oil production cut

A surprise decision by OPEC, the group of major oil-exporting countries, to lower its oil production by 520,000 barrels a day has sparked criticism from the EU and the US.

EU energy commissioner Andris Piebalgs said that OPEC's decision to cut back supplies - the first such cut since December 2006 - increases volatility and is bad for the market. Speaking to reporters in Abuja, Nigeria, on Wednesday (10 September) he suggested leaving the price determination to market forces.

The...

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Commissioner Piebalgs said oil prices should be left up to the market to decide (Photo: European Commission)

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