16.03.2009 - Oil drops 4 percent after OPEC keeps output steady
From Reuters: Oil slumped 4 percent to $44 a barrel on Monday as traders questioned whether OPEC's decision to enforce better compliance with previous curbs rather than make new production cuts was enough to offset eroding global demand. While top producer Saudi Arabia had signaled a week ago that it wanted stricter adherence to the cartel's previous 4.2 million barrel per day (bpd) cuts rather than additional formal restraints, other members had campaigned for explicit action now to avert a further rise in already swollen oil inventories..... Full Article: Source
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