OPEC Plans to cut oil production again in March
Sunday, February 8th, 2009When the OPEC nations meet in March, the plan is to cut oil production again. OPEC is trying to push oil prices to over $70 a barrel, where current prices have been between $35-$50 per barrel the past few months. Since the start of the worldwide recession, oil prices have dropped from a high of $147 per barrel down to current prices at $40 per barrel. OPEC has been determined (although so far unsucessfully) even during this recession to try and cut back to keep the bottom of oil prices at $70 per barrel.
