Posts Tagged ‘opec oil cut’

Opec agrees record oil output cut

December 17, 2008

The oil producers’ cartel Opec has agreed to make a record cut in output, slashing 2.2 million barrels per day (bpd) from its current supply.

Opec has made two other cuts since September, meaning it has cut a total of 4.2 million bpd in four months.

However falling demand amid the economic downturn has meant prices have fallen sharply from highs seen in July.

Opec said that it hoped the record cut would boost prices but that it had no formal price target.

Continued at  BBC

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