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OPEC weighs steep production cuts as members suffer

Posted on 28 November 2008

From Theaustralian.news.com.au: Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world’s economic travails continue to drive crude prices to levels not seen in years.

The Organisation of Petroleum Exporting Countries has scrambled since September to stem the fall in oil prices, which is now putting pressure on OPEC budgets from Ecuador to Kuwait. Ineffective in blunting the price spike earlier this year, the cartel is proving similarly hapless in putting a floor under collapsing prices….. Full Article: Source


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