It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
VIENNA, Austria (AP) — OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the "dramatic collapse" of oil prices, but crude prices plunged 5 percent anyway as financial markets spiraled downward across the globe.
Demand for crude has evaporated and the supply levers held by the Organization of Petroleum Exporting Countries appear to have little influence in the current economic climate.
Iran and Venezuela pushed for a cut of 2 million barrels a day, but there were concerns among other OPEC members that a more severe production cut would exacerbate a deteriorating economic crisis and further destroy demand.
OPEC officials, however, signaled they were prepared to slice deeper quickly if crude continues its freefall.
Originally posted by Sublime620
I heard some saying that if gas prices drop, the economy will slump. What!?! High gas prices have been a chalice around our economy's neck for years now.
OPEC President Chakib Khelil said OPEC was ready to convene another emergency session before its next planned gathering in December in Algeria "if there are further decisions that have to be made.