Projo Cars Blog

VIENNA -- OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the "dramatic collapse" of oil prices, but crude prices plunged 7 percent anyway as financial markets spiraled downward across the globe, according to The Associated Press.

Demand for crude has evaporated and the supply levers held by the Organization of Petroleum Exporting Countries appear to have little influence in the current economic climate.

Iran and Venezuela pushed for a cut of 2 million barrels a day, but there were concerns among other OPEC members that a more severe production cut would exacerbate a deteriorating economic crisis and further destroy demand.

OPEC officials, however, signaled they were prepared to slice deeper quickly if crude continues its freefall.

Oil futures slid $4.46 to $63.38 a barrel on the New York Mercantile Exchange.

 Tags  Oil prices

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