Opec to cut oil output
The Organisation of the Petroleum Exporting Countries (Opec) has agreed to cut its oil output by 1.5 million barrels per day with effect from November 1.
Ali al-Naim, the Saudi Arabian oil minister, confirmed the move on Friday, adding that the oil cartel would now wait to see the effect of its decision on the oil market before considering any further possible cuts. Opec's move is an attempt to shore up sagging global prices.
Crude is selling for 50 per cent less than this year's historic heights because the worldwide economic crisis has reduced demand.
OPEC will meet again in December.
US crude oil futures slid by more than $4 to $63.05 a barrel - a fresh 16-month low - immediately after the cut .. >> http://english.aljazeera.net/business/2008/10/2008102492857801575.html
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