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Opec makes record cut
- Middle East: Thursday, December 18 - 2008 at 07:54
OPEC oil ministers on Wednesday agreed to cut 2.2 million barrels per day from oil markets - their deepest output cut ever - in a bid to balance supply with rapidly crumbling demand for fuel. The organisation is also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel. The cut, effective Jan. 1, is in addition to existing curbs of 2 million bpd agreed by OPEC since September. It lowers the supply target for the 11 members bound by output limits to 24.845 million bpd -- down nearly 15% from September output.
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Jeff Florian, Senior ReporterThursday, December 18 - 2008 at 07:54 UAE local time (GMT+4)
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