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"Two weeks ago OPEC was threatening to curb production in order to drive up prices.
When demand is weak, its members can curb production to prevent the price plummeting.
"The idea that Opec may curb production sometime in the near future went out the window.
They were outvoted by the farm lobby, which chose to curb production via quotas so as to boost prices.
Members of the cartel were expected to curb production only next year, when Iraqi output is expected to increase.
The oil producing group suggested last month that it might curb production soon to make up for a seasonal decline in oil demand.
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More immediately, Japanese manufacturers, the strongest performers in the economy, curbed production in recent months as demand for their products in the United States waned in the period before the war in Iraq.
The diversified mining companies Rio Tinto and BHP Billiton also curbed production.
At the moment, Saudi Arabia isn't even trying to talk up prices, let alone curbing production.
Prius sales are down 4.8percentthis yearar, in part because a shortage of Prius batteries has curbed production in Japan.
Luckily for the planet, he was overruled; the United States joined other countries in curbing production of ozone-depleting chemicals.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com