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24.10.2008, 14:21

OPEC cuts oil production in attempt to halt price slump

The Organisation of Petroleum Exporting Countries (OPEC) has decided to cut production by 1.5 million barrels a day at a meeting in Vienna. The cut is intended to halt the collapse in crude prices, which has left them more than 50 per cent lower than thei

Russian Duma holds budget hearing as oil slide threatens funding basis

Published: 17 October, 2008, 08:28


Russia’s federal budget for 2009 could go into deficit as the price of Urals crude falls below $70/BBL, sharply cutting revenues of the world largest energy exporter. The drop comes as the State Duma is holding a second hearing on the Federal budget for

 
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