On Sunday, the Organization of the Petroleum Exporting Countries — or OPEC — said that its 12 member nations would implement no further production cuts for the next few months, at least. Oil consumption has fallen dramatically in the wake of the current financial crisis, but the organization feels that economic health was more important than bolstering oil prices.

Oil prices have dropped 70% since their peak in the summer of 2008,due to the economic collapse of major purchasers like the United States and China. In September, OPEC agreed to reduce its output by 4.2 million barrels per day, which independent analysis says has been 80% accomplished to this point. Oil is currently trading at $47 per barrel, a steep decline from the $147/barrel peak in summer.

Experts and members of OPEC alike are suggesting that countries slash production even more, worried that the dramatic fall in price caused by an oversupply will soon become too great, forcing a price collapse. The meeting opened with a speech from OPEC President José Maria Botelho de Vasconcelos, who said, “Without any doubt, we are living in exceptional times. Long-established practices and procedures in the world’s financial sector are breaking down.”.

The need for change is apparent to all countries, but there is a lack of consensus regarding how to move forward. Saudi Arabia, the most powerful member of OPEC, feels that putting more expectations on the shoulders of ailing economies would be a mistake, whilst Algeria and Venezuela feel that more cuts are crucial. U.S. President Barack Obama and his administration have held discussions with key members of OPEC to discuss how the problem can be resolved, though White House officials were scarce on the details.

One thing is clearly supported throughout, however — regardless of the outcome, clean, renewable energy is the way forward.

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