OPEC prepared on Friday to consider its third output cut in as many months to defend oil prices hit hard by a recessionary slump in world fuel demand. The Organization of the Petroleum Exporting Countries has been caught off guard by an accelerating decline in energy consumption in the West that has sent oil prices crashing nearly $100 from July's all-time highs.
Ministers from the 12-strong cartel meet on Saturday to decide whether to opt for another immediate round of supply curbs or defer a decision to their next meeting on Dec. 17.

Full story: guardian.co.uk