OPEC agrees sharp output cut, oil slide goes on
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OPEC agrees sharp output cut, oil slide goes onPosted by: xtrasparkOPEC agrees sharp output cut, oil slide goes on
An emergency OPEC meeting on Friday reached swift agreement to chop production by 1.5 million barrels per day (bpd) in an effort to halt a deep oil price slide. International benchmark U.S. crude has slumped by close to 60 percent from a record high of $147.27 hit in July. On Friday, it fell again to below $63 a barrel before recovering slightly.
"The decision was straightforward," Saudi Oil Minister Ali al-Naimi said after the meeting. "OPEC will do whatever is necessary to balance oil markets."
In the world's biggest energy consumer the United States, oil prices and economic weakness have been major factors in the run-up to the November presidential election. Washington was quick to criticize OPEC's decision.
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- News Source: Channel NewsAsia | about 1 year agoNew York's main contract, light sweet crude for December delivery slipped 49 cents to close at 62.73 dollars a barrel. In London, Brent North Sea crude for December shed 1.12 dollars to settle at 60.29 dollars. Tuesday that it could cut output again...
- News Source: Xtra News | about 1 year agoCrude prices had tumbled Monday on widespread concern that a global economic slowdown would significantly weaken the world's appetite for energy, analysts said. New York's main contract, light sweet crude for December delivery rose 1.81 dollars to...
- News Source: Press TV | about 1 year agoUS light crude for December delivery was up $1.43 at $64.65 a barrel and London Brent crude gained 78 cents to $62.47 a barrel. European stock markets rose on Tuesday while Asian stocks staged late rallies. Japan's Nikkei 225, which had slumped 6.36...
- News Source: Xinhuanet.com | about 1 year agoCrude oil closed at lowest point in nearly 17 months on Monday as investors worried that a global economic slowdown would pare the energy demand in long term. Light, sweet crude for December delivery dropped to as low as 61.30 U.S. dollars a...
- News Source: Gulfnews.com | about 1 year agoThe Organisation of Petroleum Exporting Countries quickly agreed on Friday to chop production by 1.5 million barrels per day or about 5 per cent from November 1 to halt a more than 50 per cent slide in prices, and traders are now looking for the...
- News Source: Iraq Updates | about 1 year agoIraq’s exports in September fell to just 1.64 million barrels per day, down from 1.75 million bpd in August, the Oil Ministry said on Wednesday, blaming power shortages and technical problems. Exports have fallen in recent months after nearly...
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- Blog Source: www.livemint.comVienna: An emergency Opec meeting on Friday reached swift agreement to chop production by 1.5 million barrels per day (bpd) as a first step towards halting a deep oil price slide. International benchmark US crude has slumped by well ...
- Blog Source: www.cnbc.comAn emergency OPEC meeting brought agreement to chop production by 1.5 million barrels per day in an effort to halt oil's fall.
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- Video Source: youtube.comoil slideVideo Source: youtube.com
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- Video Source: www.truveo.comOPEC’s al-Naimi on oil ...Video Source: www.truveo.comOct. 24: CNBC’s Melissa Francis talks to Saudi Arabian Oil Minister Ali ...
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