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| Version 6 | Version 7 |
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| Oil falls despite production cuts | Oil falls despite production cuts |
| (40 minutes later) | |
| World oil prices have fallen further, undermining producers' cartel Opec's efforts to steady prices by cutting 1.5 million barrels a day from output. | World oil prices have fallen further, undermining producers' cartel Opec's efforts to steady prices by cutting 1.5 million barrels a day from output. |
| The decision to cut about 5% of the cartel's total daily output came after an emergency Opec meeting in Vienna. | The decision to cut about 5% of the cartel's total daily output came after an emergency Opec meeting in Vienna. |
| But the move did not halt the sliding oil price, with US sweet light crude dropping more than $3 to $64.75. London Brent fell a similar amount. | |
| Recession fears have pulled oil down from a high of $147 a barrel in July. | Recession fears have pulled oil down from a high of $147 a barrel in July. |
| The cut in output will take effect from 1 November. | The cut in output will take effect from 1 November. |
| Analysts had expected Opec to cut output by at least one million barrels a day. | Analysts had expected Opec to cut output by at least one million barrels a day. |
| In a statement after the emergency meeting in Vienna, Opec said the action had been taken because supply of oil was way ahead of demand, and prices had collapsed dramatically in recent weeks. | |
| The producers group, responsible for producing about 40% of the world's total supply, said it would continue to provide the market with the crude oil volumes required by consumers. | |
| More cuts possible | |
| OPEC President Chakib Khelil rejected the suggestion that the decision would worsen the global financial crisis. | |
| "There's not going to be any impact on inflation, there's not going to be any impact on growth." | |
| Ahead of the meeting, British Prime Minister Gordon Brown warned that any reduction made in a bid to push up oil prices would be "scandalous" at a time when major economies were close to tipping into recession. | |
| The meeting, originally planned for November, was brought forward because of growing concerns about the impact of the financial crisis on the oil market. | The meeting, originally planned for November, was brought forward because of growing concerns about the impact of the financial crisis on the oil market. |
| Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back steadily. | Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back steadily. |
| Prices now stand at levels not seen since June, amid fears a global economic recession will cut demand. | Prices now stand at levels not seen since June, amid fears a global economic recession will cut demand. |
| Opec oil ministers said that they would review their decision at their next meeting in December, leaving open the possibility of further cuts beforehand if necessary. |