OPECkers Consider Production Cuts

The OPECkers are not happy with the free fall in oil prices and are considering production cuts to shore up the price:

Oil exporting countries may consider a cut in output after crude prices fell below $60 a barrel on Monday for the first time in six months.

The decline came as global demand fell back from its mid-year peak and tensions over Iran eased.

Ministers from the Organisation of the Petroleum Exporting Countries are understood to be concerned about the drop in oil prices, which are down almost a quarter from their recent peaks.

They have discussed the prospect of trimming production ahead of the oil cartel’s next ministerial meeting in Nigeria in December, according to Opec officials.

More often than not when they try this the OPECker members don't cooperate. They'll call for cuts by other nations, but won't do them themselves because they don't want to cut their income. There's no telling how well this one will work.