Opec to cut oil production

Opec oil ministers decided today to cut output by 1.5 million barrels a day from next month.

Opec to cut oil production
Fri, 24 Oct, 2008 - 11:41

Opec oil ministers decided today to cut output by 1.5 million barrels a day from next month.

The move is an attempt to shore up sagging prices. Crude oil is selling for 50% less than this year’s highs because the worldwide economic crisis has put a huge dent in demand.

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