VIENNA — The OPEC cartel said Friday that it would reduce its oil production by at least 1.5 million barrels a day to stem what it called “a dramatic collapse” in oil prices as the world economy slows down and oil demand shrinks.
The reduction, which is the deepest since 2003, was announced at an emergency meeting here and will come into effect on Nov. 1, according to Ali al-Naimi, Saudi Arabia’s oil minister.
[From OPEC Orders Cut in Oil Production - NYTimes.com]
10.24.2008
I guess this means we can stop begging them to pump more
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment