With OPEC Planning to Cut Production, the Decline in Oil Prices May Not Last

Oil prices have plummeted 24% from the record high levels achieved in July, but the sell-off that sparked a stock-market rally over the last four weeks may not last since the Organization of Petroleum Exporting Countries (OPEC) is already gearing up to cut production.

[…] This bleak outlook could foreshadow a series of production cuts, not just for this year, but in 2009, as well. Here

Net oil exports from the 13-member OPEC nations are projected to hit a record $1.172 trillion this year, the IEA said. While the total dwarfs the $671 billion the cartel raked in last year, it