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Oil steady despite OPEC cuts

Posted on 27 October 2008

From The Age: Crude oil was little changed in New York near a 16-month low amid expectations that OPEC’s decision to cut production will start to bring supply back in line with demand that is being curbed by the global financial crisis.

The 13 members of the Organization of Petroleum Exporting Countries agreed October 24 to lower supply by 1.5 million barrels a day starting in November. The group is likely to reduce production further if the latest cut doesn’t stabilize prices, Agence France-Presse said, citing an interview Iran’s OPEC representative Mohammad Ali Khatibi gave on state television….. Full Article: Source


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