The U.S. Energy Information Administration warned OPEC members might need to trim their budgets as oil prices continued their steady decline Wednesday. “Further revisions to future budget plans may be required in many OPEC member countries, particularly [Venezuela, Iraq and Ecuador], because of lower oil prices and large uncertainty over future global economic growth and crude oil production levels,” EIA said in a brief Wednesday. Brent, the global oil price index, continued dropping in early trading Wednesday, down nearly $1 per barrel to $59.16 for the January contract. Brent prices this week fell below the $60 mark for the first time in more than five years. A November decision by the Organization of Petroleum Exporting Countries to keep […]