ARIRANG NEWS 14:00
It′s a rainy afternoon on Friday, November 28th here in Seoul, I′m Laah Hyun-kyung... and these are the stories we′re following at this hour...
Global crude oil prices plunge to their lowest since 2010. This... after members of OPEC decide not to cut the production level of 30 million barrels a day.
Mexico′s president vows to tackle the country′s widespread crime and corruption. He proposes dozens of reforms, including an initiative for constitutional reform.
Nongak , or Korea′s traditional farm music and dance ritual has been listed on UNESCO′s Intangible Cultural Heritage. North Korea′s version of the folk song ′Arirang′ also makes it on the list.
Title: OPEC refuses to cut production, oil prices slump
Brent crude oil has hit 70 dollars per barrel - it′s the lowest price seen since mid-2010.
This plunge follows OPEC′s decision to keep its daily quota at 30 million barrels a day… despite calls from various circles to trim that target.
Arirang′s Connie Lee tells us more. Oil prices have been on the downward spiral for a while now, but they sunk even further on Thursday, after OPEC decided not to cut oil production.
During a six-hour long meeting in Vienna, the 12 members of the Organization of Petroleum Exporting Countries decided to maintain their oil output at current levels.
"The conference decided to maintain the production level of 30 million barrels a day, as was agreed in December 2011."
After the announcement, Brent Crude oil tumbled below 73-U.S. dollars a barrel a low not seen since May 2010.
"For four years-and-a-half we had a very decent price. Now the price has declined, but that does not mean that we should really rush and do something."
The decision, led by Saudi Arabia, was reached despite a global oversupply, and calls from less well-off members who favored a production cut to stem the sliding crude prices.
Prices have been dropping like a stone this year, losing around 30-percent of their value since June, in the face of rising shale oil production in the U.S.
Energy experts believe OPEC′s strategy is to maintain its dominance in the market in the long-run a further drop in prices will make U.S. shale oil less economical
Although Thursday′s outcome didn′t come as a surprise, it will hurt non-OPEC exporters, like Russia which already faces Western sanctions over its role in Ukraine.
Connie Lee, Arirang News.
Title: Korean economy to benefit from falling oil price
The falling price of oil may not be welcome news for non-OPEC exporters,... but it is expected to bring about positive impacts to countries like Korea... that rely heavily on oil imports.
Experts say... it could create a virtuous cycle for the Korean economy,... as drops in prices bring down production costs.
Seoul-based Hyundai Research Institute last month forecast... for every 10 percent drop in oil prices,... Korean exports grow by nearly 1-point-2-percent.
Domestic consumption would also grow by point
