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Opec to curb overproduction
- Middle East: Wednesday, September 10 - 2008 at 07:11
OPEC oil ministers have agreed to curb overproduction by more than 500,000 barrels a day, AP has reported. The move is seen as a compromise measure aimed at avoiding new turmoil in oil markets while at the same time reflecting OPEC attempts to prevent prices from falling too far. An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries agreed to cut back 520,000 barrels a day in overproduction.
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Jeff Florian, Senior ReporterWednesday, September 10 - 2008 at 07:11 UAE local time (GMT+4)
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