OPEC to cut oil production by 1mil barrels/day

[B4UTRUST]

Link

OPEC to reduce oil output
ASSOCIATED PRESS
10/11/2006

ABUJA, Nigeria (AP) -- OPEC will cut global oil production by 1 million barrels a day, Nigerian oil minister and OPEC president Edmund Daukoru said today.

"The cut itself is agreed," Daukoru said after a Cabinet meeting in the Nigerian capital, adding the cuts would begin at the end of the month.

Daukoru said members of the producing cartel were still working out how to share the cuts, but were "nearing consensus."

Daukoru's comments followed a slew of reports attributed to anonymous sources from member countries who said the cartel planned to trim daily production by 1 million barrels to prop up prices.

Daukoru had said last week that OPEC was considering holding an emergency meeting before a conference set for Dec. 14 so members could discuss what to do about falling prices.

Oil prices have fallen sharply in recent weeks. On the New York Mercantile Exchange, light, sweet crude oil futures for November delivery reached a fresh eight-month settlement low Tuesday. The contract settled down $1.44, or 2.4 percent, at $58.52 a barrel.

...while I should be shocked at this, I just can't be. Pissed though, yes. Oh woe is us, we'll only make 2.7 billion in profit instead of 3 or more this year. Woe woe woe! Christ. And why can't we do something about this?