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Commodities Briefing - Categorized | Oil, Price Watch more

OPEC makes deepest oil cut ever to rescue prices

Posted on 18 December 2008

From Guardian: OPEC oil ministers agreed their deepest output cut ever on Wednesday, cutting 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel.

The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel….. Full Article: Source


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