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OPEC faces ‘uphill battle’ as oil prices plummet

Posted on 23 October 2008

From Marketwatch.com: Members of the Organization of the Petroleum Exporting Countries saw fit to schedule an “extraordinary” meeting this Friday after seeing oil prices drop more than 50% in three months.

That constitutes an emergency to them, just like the weakening global economy is to the rest of us. “It’s about a snowball running downhill, and turning into an avalanche,” said Anthony Sabino, a professor of law at St. John’s University, whose legal practice includes oil and gas law….. Full Article: Source


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