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1. OIL AND GAS

OPEC nations in a tough spot on eve of emergency meeting

After a record-breaking rise, oil prices are plummeting, and the Organization of Petroleum Exporting Countries is in a tough spot. Cartel members need revenue, but they risk an international backlash if they move to constrict oil supplies and boost prices during what is emerging as a sharp global economic downturn.

2. OIL AND GAS

Iran urges OPEC to cut production by 2M barrels per day

Iran today called on the Organization of Petroleum Exporting Countries to cut production by 2 million barrels per day at its meeting in Vienna tomorrow after oil has lost more than 50 percent of its value since reaching a high of $147 per barrel in July to fall to its lowest levels since the summer of 2007.

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