OPEC tries to prop up oil prices
However, prices continued to drop after the announcement of the 1.5 million barrel a day cut in output. OPEC will meet again in December and may slash production even further if prices do not stabilize. Although some member countries like Saudi Arabia can bear even further price reductions, other members need oil to stay in the $70 to $90 range to meet their budget requirements.
The commodities markets in general have slumped as investors surmise that manufacturing and consumption will drop due to the financial and economic turmoil.
Voice of America
OPEC Says It Will Cut Oil Output
New York Times, United States -
11 hours ago
Chakib Khelil, center, the president of OPEC, said on Friday that some regular customers could not obtain financing to buy oil. By NELSON D. SCHWARTZ and ...
OPEC CUTS OUTPUT BUT OIL PRICE NOT RISING
Agenzia Giornalistica Italia
OPEC slashes oil production
OPEC to cut oil production to halt price collapse