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Archive Home > 2008 > October > 25 > Production cut by OPEC doesn’t stall oil’s decline

Production cut by OPEC doesn’t stall oil’s decline

By Nelson D. Schwartz and Jad Mouawad / The Bulletin
October 25, 2008

VIENNA, Austria — Stung by what it called “a dramatic collapse” in crude prices, the OPEC cartel said Friday that it would reduce output by a steeper-than-expected 1.5 million barrels per day. But that action failed to brake the decline, with oil dropping 5 percent....

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