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OPEC oil ministers agreed Wednesday to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices. (Sept. 10)
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As stock markets plunge again the price of oil is also falling. That is not what the leaders of the cartel were hoping for when they announced a production cut of one and a half million barrels a day. Al Jazeera's Jonah Hull is at Opec headquarters in the Austrian capital Vienna.
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RTs Spotlight programme discusses the current state of the oil industry with OPEC Secretary General Abdullah Al-Badri. He believes the financial crisis is affecting the market and that OPEC plans to appeal for help from non-member countries to stabilise prices.
OPEC said it will slash oil production by 1.5 million barrels a day to stop tumbling crude prices, but the cost for a barrel of crude still plummeted. (Oct. 24)
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Russia, Iran and Qatar have agreed to form a powerful OPEC-style group for exporting gas. The consortium of Iran, Russia and Qatar, would control over 60% of the global natural gas reserves.
An emergency meeting was held by OPEC to halt tumbling oil prices. A decision to reduce the supply of oil was agreed upon but, as Sheila MacVicar reports, it may not be adhered by officials.
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NBC Nightly News coverage of OPEC's decision to cut exports of oil to the United States along with other nations. Reported by John Chancellor of the evening of October, 17 1973.
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Mar 3 - Oil nears $104 per barrel ahead of Wednesday's OPEC meeting.OPEC, which pumps more than one-third of the world's oil, last met on February 1st and left its oil output unchanged.
Sasha Salama reports.
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The Organization of the Petroleum Exporting Countries (OPEC) is a large group of countries[1][2] made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela, and Ecuador. The planet is coming out of an ice age so global warming is not man made.
OPEC said it will slash oil production by 1.5 million barrels a day to stop tumbling crude prices, but the cost for a barrel of crude still plummeted. (Oct. 24)
OPEC said it will slash oil production by 1.5 million barrels a day to stop tumbling crude prices, but the cost for a barrel of crude still plummeted. (Oct. 24)
![Opec\](http://img.youtube.com/vi/KLTIMRXChLQ/2.jpg "Opec\")
