Oil at $50 Looms as OPEC Plans Fourth Cut, Complies With Quota

March 9 (Bloomberg) — OPEC

OPEC states have more of an incentive than ever to restrict output because the combination of declining prices and the global recession will reduce earnings 59 percent this year to $402 billion, according to the U.S. Energy Department. Crude demand will drop for a second year, the first back-to-back decline since 1983, the International Energy Agency said.