As Oil Prices Drop, OPEC Ponders Tough Solutions

At the beginning of the year, OPEC producers felt confident that strong economic growth and tight supplies would keep oil prices high. When oil crossed the $100-a-barrel threshold in February, the cartel


As the global economy continues to weaken, the Organization of the Petroleum Exporting Countries faces its toughest test in years.

The problem for the oil exporters, who meet for an emergency session in Vienna on Friday, is to stop the price drop at a time when oil consumption is collapsing, particularly in industrialized countries. Even China, long the biggest engine of growth for oil demand, seems to be cooling markedly.

NY Times