Opec Isn't Happy With The Steady Decline In The Price Of Oil! Cartel Members Hold Meeting In Cairo To Discuss!

Opec has already tried to cut the output of barrels just last month,but that did nothing to stop the steady decline in the price of oil. Venezuela,an Opec member, wants to cut the amount of oil that is produced by a million barrels per day to increase the price of oil. Right now, the price of oil is below $55 a barrel. Here's more from BBC:

"Opec ministers are meeting in Cairo to discuss the recent steep fall in the price of oil.

Falls in demand in the US, the world's top energy consumer, and other industrialised countries, have helped drive prices down from a record peak of more than $147 a barrel.

Opec, which accounts for 40% of global oil production, cut output by 1.5 million barrels a day last month, but the move failed to stop prices from declining.

While cartel members have not ruled out making another output cut, some say the impact of the existing cuts still have to be felt.

"Combined with weakening non-Opec supplies, the projected...output curtailment suggests that the oil market could actually tighten moving into 2009," Barclays Capital said in a research note."(END OF EXCERPT) Read the rest here: http://news.bbc.co.uk/2/hi/business/7756168.stm

It pains me that the United States consumes more oil than any other industrialised country. Hopefully under Barack Obama,that will change also.