OPECkers Panicking Over Falling Oil Prices

The OPECkers are watching their profits dry up as oil prices fall and are trying to stem the flow:

The president of Opec on Sunday called on members of the cartel to put into immediate effect an agreement to cut output by 1m barrels a day, underscoring the group’s determination to curb falls in the oil price.

In a letter whose contents were revealed to the FT, Edmund Daukoru, Nigeria’s oil minister, urged his fellow ministers to implement their country’s share of the pro-rata quota reduction.

A communiqué announcing the measure, which reduces Opec’s quota to 27m barrels a day, is expected on Monday, ending any doubts that the group is intent on stopping prices from falling much below $60 a barrel. The agreement could push up oil prices on Monday.

In addition, Saudi Arabia, Venezuela and Iran, key members, are pushing the cartel to meet in Vienna next week to ratify the deal in order to make a public show of unity.

It's all supply and demand, though you won't hear that from the mainstream media when prices are on the rise. Then, it's Bush/Cheney's fault.