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Market fears drive down prices

12/01/2008
By NINA RACH
With the loss of public confidence because of the current financial crisis, world demand for energy is still declining even as prices fall.The Oct. 24 decision by ministers of the Organization of Petroleum Exporting Countries to cut production by 1.5 million b/d effective Nov. 1 failed to halt the price slide. Instead, the average price for OPEC’s basket of 13 crudes fell a further 25% Oct. 24-Nov. 17. OPEC ministers were to gather for consultations Nov. 29 at the meeting of the Organization of Arab Petroleum Exporting Countries in Cairo. “But there is little point in pledging new output cuts until those already agreed are implemented,” said analysts at the Centre for Gl...
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