Organization of Petroleum-Exporting Countries

4:30 pm : Stocks may have closed with substantial losses Friday, but the extent of the downturn was far better than many initially feared.

Index futures were limit down ahead of the session's opening bell, which occurs when trading is halted in order to pace losses amid frantic selling efforts. That had participants spooked and anticipating a large scale sell-off.

Strikes in Venezuela and the prospect of war in Iraq make Opec's belated decision on production and quota levels look irrelevant. But the cartel's action provides an important boost to its credibility. Its members account for only one-third of global production, but they supply two-thirds of exports. Restoring confidence depends partly on Venezuela, Nigeria and Algeria, the most likely defaulters, sticking to the new limits.