OPEC Said Not to Plan Emergency Meeting Amid Oil Price Drop

OPEC has no plans to hold an emergency meeting amid falling oil prices, according to a delegate from the group.

Crude prices have dropped almost 50 percent from a June peak as the Organization of Petroleum Exporting Countries refused to cut production and U.S. output reached a three-decade high. There have been no concrete discussions about holding an emergency meeting, said the delegate, who asked not to be identified because the group’s talks are private. OPEC’s next regular meeting is schedule for June 5.