Official: $70 oil will cause ‘panic in OPEC’

Since the oil plunge began in June, speculation has been rampant that the Organization of the Petroleum Exporting Countries might act to cut production to keep prices from falling further.

The 12-member OPEC cartel is due to meet Nov. 27 for a regularly scheduled meeting. But some officials with the group, meeting informally this week in Vienna, told The Wall Street Journal that a per-barrel price of $70 — from the current level of about $80 — would trigger action.

The paper’s story Friday said:

“At $70 a barrel, there will be panic in OPEC. We have become used to living with $100 a barrel,” said one OPEC official, speaking on the sidelines of the meeting.