News Buzz: OPEC Slashes Oil Output, Global Markets Plummet, Albania and Croatia to See NATO Expansion Step

OPEC Slashes Production; Crude Continues to Tumble: The Organization of Petroleum Exporting Countries announced today that it will cut its oil production by 1.5 million barrels in an attempt to stem the slide in oil prices. Yet prices continued falling anyway—dropping 7 percent after the announcement—in a show of how little control OPEC has over prices in today's financial climate. Iran and Venezuela had fought for a cut of 2 million barrels, a move other OPEC members worried would undermine demand. Even so, OPEC made it clear that, if the price of crude continues dropping, it won't hesitate to take more drastic steps. Meanwhile, fears of recession continued to wreak havoc on markets worldwide. Stock averages in Japan, Germany, and France each fell by about 10 percent. Back home, the Dow Jones dropped 400 points in opening trading.

U.S. Taking a Step to Get Albania, Croatia Into NATO: Accession protocols will be signed in Washington today to smooth the path for formerly communist Albania and Croatia to enter NATO. A move much pushed for by the United States, it has also been one that Russia isn't particularly pleased with—especially given recent strains on the Russia-NATO relationship from the Georgian conflict. Some NATO members, including Germany and France, worry that the move will provoke Russia. Albania and Croatia can officially join NATO after all of the 26 allies ratify the accession protocols. Officials hope this will happen within the year.

GOP Open Seats Boost Democrats' House Chances: In an election that's already looking tough for the right wing, a rush of Republican retirees has made the situation even worse: Departing Republicans are leaving 29 so-called open seats behind. If they're grabbed by Democrats, the new Congress could have an even stronger left-leaning mandate on a number of items on its agenda, which include expanding healthcare coverage, cutting middle-class taxes, raising taxes on the wealthy, and funneling more benefits to low-income families.