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Opec cuts output by 1.5m bpd
- Middle East: Saturday, October 25 - 2008 at 12:55
The Organization of Petroleum Exporting Countries (Opec) has said it will slash oil output by 1.5 million barrels a day from Nov. 1, AFP has reported. Despite this, the price of Brent North Sea crude plunged close to $61, the lowest point since March 2007. Crude futures in London and New York have plunged by almost 60 percent from record highs of above $147 a barrel reached only three months ago when supply concerns sent prices soaring.
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Medilyn Manibo, Assistant News EditorSaturday, October 25 - 2008 at 12:55 UAE local time (GMT+4)
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