VIENNA, Austria (AP) -- In a desperate effort to stabilize plunging oil prices, OPEC has made a conditional promise to cut crude output that ranks as one of the cartel's weakest and most uncertain agreements in recent memory. But prices extended their losses Thursday on world oil markets.
OPEC agreed Wednesday to reduce its daily production target for oil by 1.5 million barrels, or 6 percent, but only if non-OPEC producers share the burden by making a deep cut of their own.
However, industry analysts said major non-OPEC producers are reluctant to cooperate unless they first see OPEC members make a serious effort to keep from busting their own quotas. OPEC currently pumps at least 800,000 barrels above its daily target of 23.2 million barrels.
Confronted with a sharp drop in global demand for crude, OPEC has cajoled, threatened and warned of a price war if producers outside the group refuse to close ranks with it.
OPEC secretary-general Ali Rodriguez: "We are not putting pressure on others. We are calling for contributions"
But Rodriguez, pressed by reporters to say what OPEC would do if non-members failed to cut 500,000 barrels a day, replied: "We'll cross the river if we arrive at the river.
Oil markets fell farther Thursday after a huge sell-off on Wednesday.
Also from Reuters Kuwaiti Oil Minister Adel al-Subaih said on Thursday that he would not be surprised to see oil prices fall as low as $10 a barrel. He added: "We are not talking about a price war. That would mean we would have to dump our oil. This we do not intend to do."
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