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OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

By Jason Farago, Newser Staff

Posted Oct 22, 2008 8:33 AM CDT

(Newser) – Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss... Read full story »

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OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

Iran • oil • Venezuela • OPEC • recession • petroleum • oil price • oil production

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More Newser Stories

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

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Speculation is driving oil up, and that's a concern for consumers, economists

Chavez Warns of $200 Oil if US Strikes Iran

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Cheap Oil Keeps World Economy Off Balance

With crude under $40, investment dries up, nations lose revenue

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