Molly
10-27-2008, 07:51 AM
http://ak.imgfarm.com/images/ap/APTOPIX_Austria_OPEC_Meeting.sff_VIE111_2008102405 2958.jpg
Saudi Arabia Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi, arrives for an extraordinary meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, on Friday, Oct. 24, 2008. OPEC oil ministers are expected to cut output in an effort to shore up sagging prices. (AP Photo/Ronald Zak)
VIENNA, Austria (AP) - OPEC oil ministers have decided to cut output by 1.5 million barrels a day as of next month.
The oil cartel's move is an attempt to shore up sagging prices. Crude is selling for 50 cents less than this year's historic heights because the worldwide economic crisis has put a huge crimp in demand for crude.
OPEC'S statement says prices have witnessed a dramatic collapse unprecedented in speed and magnitude.
Saudi Arabia Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi, arrives for an extraordinary meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, on Friday, Oct. 24, 2008. OPEC oil ministers are expected to cut output in an effort to shore up sagging prices. (AP Photo/Ronald Zak)
VIENNA, Austria (AP) - OPEC oil ministers have decided to cut output by 1.5 million barrels a day as of next month.
The oil cartel's move is an attempt to shore up sagging prices. Crude is selling for 50 cents less than this year's historic heights because the worldwide economic crisis has put a huge crimp in demand for crude.
OPEC'S statement says prices have witnessed a dramatic collapse unprecedented in speed and magnitude.