OPEC agrees to cut oil outputOctober 24th, 2008 - 6:41 pm ICT by IANS
Vienna, Oct 24 (Xinhua) The Organisation of the Petroleum Exporting Countries (OPEC) Friday agreed to cut oil output by 1.5 million barrels a day. OPEC made the decision at an urgent one-day meeting here that was aimed at addressing the fall of oil prices over the past few months.
OPEC reached a consensus on the distribution of the overall output cut among its 13 members, the group announced. The ruling will come into force Nov 1, 2008.