Venezuela has called for an extraordinary meeting of the Organization of Petroleum Exporting Countries to push for another production cut in order to stem falling oil prices as natural gas and heating oil prices have plunged due to persistent mild weather in North East USA, impacting crude oil.
Oil prices fell in Asian trading on Tuesday amid uncertainty about possible OPEC moves to strengthen crude prices. Light, sweet crude for February delivery dropped to US$52.50 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore. Oil prices have slumped 13% so far this year. On Monday, no floor trading was scheduled because the Nymex was shut for Martin Luther King Jr. Day, a public holiday in the United States. OPEC in recent months has committed to a total cut in output of 1.7 million bpd including a 500,000 bpd reduction set to begin Feb. 1. But many market participants doubt the cuts are being fully enforced.
16-Jan-07 
