Opec to cut oil production
Opec oil ministers decided today to cut output by 1.5 million barrels a day from next month.
The move is an attempt to shore up sagging prices. Crude oil is selling for 50% less than this year’s highs because the worldwide economic crisis has put a huge dent in demand.
Explaining the reasons for the move, a statement read at the end of today’s meeting of Opec oil ministers in Vienna, Austria, said prices have witnessed a dramatic collapse unprecedented in speed and magnitude.
