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Article: News Analysis: It is difficult for OPEC to sustain oil price by cutting output
- Article from:
- Xinhua News Agency
- Article date:
- October 25, 2008
CopyrightCopyright 2008 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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News Analysis: It is difficult for OPEC to sustain oil price by
cutting output
by Wu Liming, Shang Jun
VIENNA, Oct. 24 (Xinhua) -- In the face of the ongoing global
financial crisis, it has proved difficult for the Organization of
the Petroleum Exporting Countries (OPEC) to sustain oil prices by
cutting the output, observers say.
OIL PRICE SLUMPS AFTER OUTPUT CUT
On Friday, OPEC announced the cut of daily oil output by 1.5
million barrels. But instead of boosting the oil price in the
international market, the move prompted world oil prices to plunge
to a 17-month low.
Brent North Sea crude for December delivery was slashed to 61.08
U. S. dollars per barrel, which was last seen in March ...