From Yahoo News/Finance:
ORAN, Algeria (Reuters) - OPEC ministers could make their deepest oil supply cut ever when they meet on Wednesday to combat shrinking demand, bulging stocks and a $100 collapse in prices.
For many in the Organization of the Petroleum Exporting Countries, up to 2 million barrels per day (bpd) must be removed to keep up with a slump in consumption that has knocked two-thirds off prices since July.
"We have to act -- we see a very sizeable reduction," OPEC Secretary-General Abdullah al-Badri told reporters on his arrival on Monday in this western Algerian city.
OPEC President Chakib Khelil agreed.
"Everybody is supporting a cut -- I don't have any doubt about it."
Read more ....
More News On OPEC's Production Cut
OPEC Races to Get Ahead of Declining Oil Demand -- Wall Street Journal
GLOBAL MARKETS-World equities rise, oil jumps ahead of OPEC -- Reuters
Oil up sharply near $50 as OPEC readies output cut -- Yahoo Finance/Reuters
Oil Rises to $50 as OPEC’s El-Badri Says Sizable Cut Is Needed -- Bloomberg
OIL: OPEC Hopes Russia Becomes Member -- AGI News
High level Russian OPEC team signals oil deal ahead -- The Guardian
Oil rallies 8% on expectations OPEC will cut output -- Market Watch
My Comment: Venezuela, Iran, Russia .... all of these countries are now suffering financial problems, and are now scrambling for stability in the oil markets. Their alliances with each other and their client states are based on high oil prices .... alliances that are now being tested today.