OPEC failed again to agree on a pricing strategy.
A senior source in the 13-nation oil cartel, however, said its ministers were working on a temporary plan to voluntarily slash production by up to 3 million barrels a day to reverse a worldwide slump in oil prices. “We hope for a significant cut in production, by 2 million to 3 million barrels a day from the current total output of around 20 million barrels a day,” the source said.
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