Word: opec
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...Slowing the downturn may have just got a bit more complicated, as well. The Organization of Petroleum Exporting Countries (OPEC) announced Friday that it is cutting output by 1.5 million barrels a day in an attempt to halt the slide in oil prices. The price of oil has dropped from $147 a barrel in July, to just $64 Friday. Lower oil prices have been one of the few positive changes in the financial and economic tempest...
...doesn't feel like it, but we got a raise this week. The plunging price of oil, which prompted OPEC to announce a 1.5 million barrel a day production cut, has put money in the pockets of recession-worried consumers. "It follows that there's going to be some spending effect," said Francisco Blach head of commodities research at Merrill Lynch in London...
...Falling worldwide demand, especially in emerging markets, is the reason that the oil market made road kill of OPEC's production cut. Oil dropped yet again to $64 a barrel - its lowest level in more than a year. For months leaders of oil-rich countries have watched nervously as world oil prices have tumbled more than 50% from the all-time high in July of $147 a barrel...
...which spells crisis for OPEC. Since last month oil ministers in Iran and Venezuela - both of which are heavily dependent on oil revenues - have pushed fellow OPEC members to make big enough cuts in production to reverse the plunge in prices; both argued for a cut of two million barrels when they arrived in Vienna on Thursday for OPEC's emergency meeting. OPEC countries set oil production quotas, and their tactic of fixing their combined output has for years hugely influenced world prices, since OPEC's 13 members account for about one-third of the world's total oil supplies...
...Another worry is looming for OPEC officials: A possible slowdown in China, whose soaring economy this decade has sent oil prices rocketing, and helped to ignite a scramble for new oil exploration and drilling in numerous developing countries from Ecuador to Angola, whose economies have surged along with the oil prices. "OPEC needs to see China maintain its rate of growth," Robert Johnston, energy director for the Eurasia Group in Washington said before the OPEC meeting. Without China's continued thirst for new oil, OPEC production cuts will have a limited impact...