OPEC likely to OK 2 million barrel oil output cut

[DogPoundPup]

Source: Yahoo Finance News

ORAN, Algeria (AP) -- Saudi Arabia, OPEC's de-facto leader, said Wednesday the group will slash a record 2 million barrels from its daily production, while Russia and other countries said they would join in the effort by removing hundreds of thousands more barrels from the market.

Saudi oil minister Ali Naimi said there was an OPEC consensus ahead of a formal agreement later in the day for the cut.

An official decision to cut 2 million barrels from output all at once would be a first for the organization. OPEC had cut that amount from its output four years ago, but that was done in two stages.

Also significant would be formal support from Russia, Azerbaijan and other non-OPEC producers. Mexico, Norway and Russia slashed production in the late 1990s, at a time oil was selling for about $10 a barrel.

Read more: http://finance.yahoo.com/news/OPEC-likely-to-OK-2-million-apf-13852615.html

[dipsydoodle]

1. That's ok

I only use about 5 gallons a week. :sarcasm:

[liberal N proud]

2. They got pay for those refrigerated beaches in the middle east

[fasttense]

3. Don't you just love to watch price fixing at work. n/t

[underpants]

4. This is why we need to drill here drill now

if we did that they would cut production by THREE million barrels

:sarcasm: on the subject line

[tclambert]

5. The Bush conservation plan works!

Wreck the world economy and you can save some oil.

[Newsjock]

6. Actual cut announced is *4.2 million* bbl/day

Just announced on CNBC.

"It's really a slap in the face to consumers ... it will make it that much harder to get through this recession."

[WriteDown]

7. Its time like these that I go back to my old idea...

OFEC(Organization of Food Exporting Countries). Oh no! Looks like the price of a bushel of grain just went up 100$.