TRINATIONAL NEWS
Thursday, October 23, 2008
OPEC Struggles to Respond to Slumping Demand for Oil.
NY Times, October 22, 2008 - “At the beginning of the year, OPEC producers felt confident that strong economic growth and tight supplies would keep oil prices high. When oil crossed the $100-a-barrel threshold in February, the cartel’s president blamed speculators and said there was not much OPEC could do. But now, panic is gripping producers as prices drop. They are down by half since July, and the speed of the decline has stunned oil-rich governments that have become dependent on high prices.” Read more.
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