Organization of Petroleum Exporting Countries to hold at $40 crude as key meeting looms in Vienna

It will take more than $40 crude to make the Organization of Petroleum Exporting Countries (Opec) change its mind, analysts said before the group’s December 4 meeting in Vienna.

In the year since Opec chose to defend its market share, and let prices sink, a 44% plunge in crude has slashed members’ revenues by almost half a trillion dollars.

Undeterred, the group will press on with its strategy to batter rival producers when ministers meet next week, according to analysts.