OPEC Cuts 1.5 Million Barrels From Daily Output. By Spencer Swartz and Neil King Jr., WSJournal, October 26, 2008, subscription. "A decision by the world's main oil exporters to slash output by 1.5 million barrels a day fell on deaf ears Friday as deepening gloom in global financial markets drove crude prices down to their lowest levels since May 2007. The plunge in oil prices -- down 33.2% since the start of the year and 55.8% from the summertime high -- shows how OPEC faces a struggle to tighten the spigot fast enough to buttress prices in the face of the global economic slowdown. A decision by the world's main oil exporters to slash output by 1.5 million barrels a day fell on deaf ears Friday as deepening gloom in global financial markets drove crude prices down to their lowest levels since May 2007. The plunge in oil prices -- down 33.2% since the start of the year and 55.8% from the summertime high -- shows how OPEC faces a struggle to tighten the spigot fast enough to buttress prices in the face of the global economic slowdown."
2008-10-26
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