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PETROLEUM NEWS * OPEC - Pushes to cut oil supply
But some experts say trimming production may not prop up prices because demand is down
Vienna,Austria -Associated Press/The Detroit News (USA), by George Jahn -October 24, 2008: -- Iran and Venezuela on Thursday urged OPEC to quickly slash output and stem a steep slide in prices that has left crude at its cheapest in 15 months -- and some member countries scrambling to balance their books.But OPEC's power to raise prices by cutting supply may be fading amid a global economic crisis that has evaporated demand for oil... The emergency meeting was scheduled for Nov. 18, but that was abruptly rescheduled for Friday as oil prices continued to fall away... Benchmark crude futures rose $1.49 Thursday to $68.24 on the New York Mercantile Exchange, but that is still nearly $40 below what oil fetched just 30 days ago... (Picture: oil production field)
* USA - Diesel prices fall further - Falling diesel prices are providing some relief for owner-operators
New York,NY,USA -eTrucker -24 Oct 2008: -- The national average price of a gallon of diesel continued tumbling down in the week ended Oct. 20 to $3.482, off 17.7 cents from the previous weekly average. After several weeks of declines, the current price is 38.8 cents more than in the same week of 2007... Since its record high of $4.764 announced July 14, the weekly national average has declined $1.282, down 27 percent from the peak price... (Photo: Falling diesel prices are providing some relief for owner-operators) Labels: oil news worldwide
posted by Unknown @ 10:31 AM
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