STATUS QUO: OPEC agreed to keep crude output at a daily 30 million barrels Wednesday but left it up to its 12 members to voluntarily honor that ceiling without overshooting it.
IRAN STEPS BACK: Iran had sought lower production for the cartel, which would raise prices. It apparently bowed to Saudi Arabia, which wanted to maintain levels. The Saudis effectively set OPEC policy as its largest producer.
DRILLING DOWN: OPEC said members agreed to voluntarily lower production "to ensure market balance and reasonable prices," should future world supply exceed demand. By leaving it up to members to cut back on output if needed, the organization effectively acknowledged that it had given up efforts to act as a unified regulator of the oil market. The 30-million figure already represents overproduction of 11 percent from targets agreed to three years ago, the last time OPEC set production quotas on individual nations.
Poll: Majority of Democrats Think Illegal Immigrants Should Have Right to Vote in U.S. Elections | Katie Pavlich
Anheuser-Busch Temporarily Stops Beer Production To Supply Water To Texas Flood Victims | Matt Vespa
Bergdahl Teammates Asked to Stay Quiet About Desertion With Non-Disclosure Agreements | Katie Pavlich
Federal Judge Not Impressed With DOJ Attempts to Get Lawsuit Against Obamacare Thrown Out | Katie Pavlich
Former Speaker Dennis Hastert Indicted For Lying To The FBI, Evading Currency Transaction Reports | Matt Vespa
Fifteen Dollars an Hour for Thee, but Not for Me: California Unions Request Exemption from New Wage Law | Christine Rousselle