OPEC on Friday said the cartel would keep its collective output level unchanged at 30 million barrels a day, the second time in six months it decided to take no action amid a global glut of crude and weak oil prices. The decision amounted to an acknowledgment that the Organization of the Petroleum Exporting Countries’ role had fundamentally changed in the past year with a flood of American oil extracted from shale rock . No longer can the group—which pumps about one in three barrels of oil consumed each day—throttle back on output to support prices that have fallen from $114 a barrel to less than $63 today. “The reality now is that we cannot have this $100 (a barrel) anymore. This is a fact. We have less value for our barrels,” OPEC Secretary General Abdallah Salem el-Badri said at a news conference. Friday’s decision affirms its decision last […]