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OPEC cuts oil output

Home Page» Oil & gaz

24.10.2008 12:56

OPEC cuts oil output

The Organization of Petroleum Exporting Countries said Friday it will cut oil output by 1.5 million barrels a day to halt a collapse in prices.

Crude oil prices have dropped 55 percent

The Organization of Petroleum Exporting Countries said Friday it will cut oil output by 1.5 million barrels a day to halt a collapse in prices.

The 13-member cartel made the decision at an emergency meeting in Vienna, Austria.

Crude oil prices have dropped 55 percent since hitting a record $147.27 a barrel after months of steady increases were curtailed by the global financial crisis.

Oil was trading at below $64 a barrel in Asia ahead of the OPEC decision.

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