| From IHT: A production cut of even 1 million barrels per day at OPEC's upcoming emergency meeting is unlikely to reverse slumping crude oil prices in the short term, said analysts Sunday, amid mounting calls by several cartel members to take decisive action to keep prices at the US$80 per barrel level.
The Organization of Petroleum Exporting Countries' decision to hold an emergency meeting next Friday clearly signaled the group's concern that crude's recent pummeling would siphon revenue necessary to sustain government spending and weather broader fallout from the current global financial crisis..... Full Article: Source
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