As oil prices slid further downward Thursday, OPEC signaled that it isn’t ready to hit the panic button—yet. Oil’s more-than-25% decline since the summer has led to speculation that the Organization of the Petroleum Exporting Countries—whose crude accounts for around a third of global oil supply—would cut its output to try to support prices, especially as some of the group’s members grow fearful of the likely hit to their government budgets.