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The Organization of the Petroleum Exporting Countries is making production cuts, but probably not enough to keep oil prices high.
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A number of member states of the Organization of the Petroleum Exporting Countries (OPEC) have announced cuts in crude oil production over the past week. The production cuts follow an emergency OPEC meeting on Oct. 24, in which the cartel decided it would lower its output ceiling by roughly 5 percent, or 1.5 million barrels per day (bpd). The decision was made in light of an intensifying financial contagion that has infected much of the world.

The United States and Europe are now in recession, and East Asia is not far behind. East Asian exporters are about to witness a dramatic slump in exports during the holiday season; Japan is already likely in recession, but statistics will not be released until later in November.


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