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OPEC Left to Deliberate as Oil Prices Plummet
Crude oil prices have plunged two- thirds from its record high during the summer, and the likelihood they’ll fall further has caused panic among oil-producing nations and inspired the Organization of Petroleum Exporting Countries (OPEC) to call another meeting this week to discuss possible production cuts.
After blitzing to a record-high $147 a barrel in July, oil last week receded below $50 a barrel, causing a stir among energy companies and oil-producing nations that rely heavily on exports for income. Some analysts predict that oil could fall to $30 or $40 a barrel by early 2009, as so-called “demand destruction” sets…
24Nov2008 | Money Morning | 0 comments | Continued
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