As the stock market took a huge hit, the price of oil also fell dramatically, reaching its lowest point in over a year. US light crude fell $8.89 to settle at $77.70 per barrel, and London Brent Crude fell $8.57 to settle at $74.09. The huge fall in oil prices came as the International Energy Agency cut back future demand estimates amid global recession. Many representatives from OPEC member nations have called for a stop to the falling oil prices. When interviewed, Abdullah al-Attiyah, the Qatari oil minister, told Al Arabiya television that oil prices faced a "huge decline" unless Opec moved quickly to counterbalance the volatile economic situation. OPEC has already cut production once last month in an attempt to stabilize fluctuations in oil prices, but will meet later next month to discuss the course of action to be taken. John Waterlow at Wood Mackenzie, a mineral and energy research and consulting firm explains that, "OPEC is in a cleft stick: they want to protect revenues but still be sure people do not permanently decrease their demand."Or
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