Oil prices plummet to 61 dollars, despite OPEC output cut

LONDON- World oil prices plunged to the lowest points for more than 17 months on Friday, despite news that the OPEC cartel will cut oil output by 1.5 million barrels per day.

By (AFP)

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Published: Fri 24 Oct 2008, 4:33 PM

Last updated: Sun 5 Apr 2015, 2:25 PM

Moments after the OPEC decision was announced, Brent North Sea crude for December delivery slumped to 61.08 dollars per barrel, the lowest point since March 2007.

New York's main contract, light sweet crude for December delivery, tumbled to 63.05 dollars a barrel, which was last seen in May 2007.

OPEC decided to cut its oil output by 1.5 million barrels per day from November 1 at an emergency meeting in Vienna on Friday, Saudi Oil Minister Ali al-Nuaimi told reporters.

The cartel is seeking to support plunging crude prices despite a looming worldwide recession.

Analysts had expected the Organization of Petroleum Exporting Countries to cut its daily output by at least one million barrels per day as a global economic slowdown amid a worsening financial crisis slashes demand for energy.

Crude futures in London and New York have plunged close to 60 percent from record highs of above 147 dollars a barrel reached only three months ago when supply concerns sent prices soaring.

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