OPEC ends Cairo meeting without new output cuts (AP)

November 29th, 2008 by admin

OPEC ends Cairo meeting without new output cuts
(AP)

Saudi oil minister Ali al-Naimi is surrounded by journalists during the Organization of Arab Petroleum Exporting Countries (OAPEC) meeting  in Cairo, Egypt, Saturday, Nov.29, 2008. OPEC oil ministers downplayed expectations of, but didn't dismiss outright, an immediate output cut as they faced a third test in as many months of their ability to engineer a rebound in oil prices. (AP Photo/Amr Nabil)AP – OPEC held off on announcing new oil output cuts on Saturday, but its alarm over falling demand and a slumping economy potentially laid the groundwork for a big reduction when it meets again in a matter of weeks.

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