So much for cheap(er) gas

al-Reuters has the OPEC story:

OPEC oil producers may cut oil supplies in two rounds, one when they meet next week in Vienna and a second later on, to drain oil supply surplus off markets and firm up prices, the group president on Sunday.
"It is not clear that we will take the decision to reduce supplies by 2 million barrels per day, but it is very likely that we will take a reduction decision this time and another decision later on to ensure prices stability," Chakib Khelil told Algerian state television.
The comments come before the Organization of the Petroleum Exporting Countries holds an emergency meeting on October 24 in Vienna to discuss the impact of economic weakness on oil markets. "I think firstly there is a consensus over the meeting among OPEC members, then an urgency for all members. So, there is no doubt that all members agree that oil inventories are very high and supply is higher than demand by around 2 million barrels per day," Khelil said.

Rico says it was nice while it lasted...