With demand plunging, members of the oil cartel are struggling to maintain unity.

Faced with plunging oil prices and shrinking revenues, OPEC suggested they might lower production for the third time this year.

OPEC is increasingly torn between its moderate members that can afford a period of lower oil prices and those countries that have become much more dependent on high prices.

OPEC ordered a cut in production of at least 1.5 million barrels a day, but a benchmark price dropped further.

The OPEC cartel ordered a cut in oil production of at least 1.5 million barrels a day. After the statement, the price for Brent crude immediately dropped below $63 a barrel.

As oil prices tumble amid fears of a worldwide recession, OPEC has been testing the prospects of Russia joining in production cuts to help support global prices.

History suggests that OPEC will face a tough time propping up prices as oil consumption slows down and the world teeters on the edge of a global recession.

History suggests that OPEC will face a tough time propping up prices as oil consumption slows down and the world teeters on the edge of a global recession.

History suggests that OPEC will face a tough time propping up prices as oil consumption slows down and the world teeters on the edge of a global recession.

Fearing a recession, OPEC cut its 2009 petroleum demand forecast.