OPEC had announced it would reduce production by a record 2.2 million barrels per day. The cartel’s 12 oil ministers made the desperate move at their meeting in the Algerian city of Oran when prices were under threat of going below $40 a barrel. They did later in the week, and rebounded back over $40…
MARKETS: Oil remains weak despite OPEC’s record 2.2 million b/d production cut
Posted on December 22, 2008 by EnergyAsia