CAIRO, Egypt (AP) — A crude oil production cut of even 1 million barrels per day at OPEC’s upcoming emergency meeting is unlikely to reverse slumping prices in the short term, analysts said Sunday, amid mounting calls by several cartel members to take action to keep prices at the $80 per barrel level. A decision by the Organization of Petroleum Exporting Countries to hold an emergency meeting next Friday clearly signaled the group’s concern that the recent pummeling of crude prices would erode revenues needed to sustain government spending and weather broader fallout from the global financial crisis.—-Contact The Daily Reveille’s news staff at [email protected]
Analyists: 1 million barrels OPEC cut not enough
By The Associated Press
October 18, 2008