OPEC Meeting Ends Without Firm Decision On Output Cuts

OPEC said on Monday that it would not shirk its responsibilities to the market as fears about the next Covid-19 wave push down prices. Oil prices sank on Monday over disappointing economic data out of China, fears of this resurgence of coronavirus cases, additional lockdown measures in Europe, and the looming threat that OPEC could turn on the taps in January as originally planned. But sources inside member countries, according to Reuters, said that this planned output increase could be reversed should the need arise. To assuage the fears present…