OPEC producers took a tough stand Wednesday against rival exporters that it accuses of taking a free ride while it shoulders the burden of propping up the price of oil. In the opening salvo of what industry analysts said could turn into an ugly oil price war, cartel ministers said they agreed to delay new output curbs required to protect crude prices from an economic downturn.
They said OPEC was prepared to remove 6 percent of its production, but would defer implementing the lower limits until Jan. 1, pending more negotiations with Russia and other non-aligned producers.
A final communique read: "The conference decided to reduce an additional volume of 1.5 million bpd, effective January 1, subject to a firm commitment from non-OPEC oil producers to cut their production by a volume of 500,000 bpd simultaneously."

"We are trying to give them a generous offer and if I were in their shoes I would take this offer," said Qatari Oil Minister Abdullah al-Attiyah.
Oil prices, already down from $27.45 since Sept. 11, slumped another 10 percent with London Brent finishing off $2.06 at $18.75 a barrel, a two-year low. Bureau Report