Oil Barons Look Ready to Cut Production ; Analysis Six Months Ago, the Growing Oil and Gas Sector Was Cited As an Undoubted Strength of the North East Economy. But a Rapid Deterioration in the Price of a Barrel of Oil Since June Threatens to Change All That. Andrew Hebden Looks at the Changing Face of the Uk Oil and Gas Industry and Talks to the Region's Business Executive of the Year About What It Means for His Firm

Summary

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THE proceedings of a meeting in the western Algerian port of Oran today will be keenly followed by senior officials at many major North East companies.

The 151st extraordinary meeting of the Opec conference takes place amid high expectations that it will sanction cuts to global oil production, triggering a speedy rise in the price of a barrel of oil.

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Extract

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Oil Barons Look Ready to Cut Production ; Analysis Six Months Ago, the Growing Oil and Gas Sector Was Cited As an Undoubted Strength of the North East Economy. But a Rapid Deterioration in the Price of a Barrel of Oil Since June Threatens to Change All That. Andrew Hebden Looks at the Changing Face of the Uk Oil and Gas Industry and Talks to the Region's Business Executive of the Year About What It Means for His Firm

Not long ago the prospect of such a move by the oil producers cartel would have been unthinkable.

Oil prices hit record highs during the summer months, triggering huge increases in the price...

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