AP
OPEC decides to curb overproduction
Tuesday September 9, 9:52 pm ET
OPEC oil ministers decide curb overproduction by more than 500,000 barrels a
day
VIENNA, Austria (AP) -- OPEC oil ministers have decided to curb overproduction
by more than 500,000 barrels. The move is a compromise meant to avoid new
turmoil in oil markets while at the same time reflecting OPEC attempts to
prevent prices from falling too far. Crude prices have dropped nearly 30
percent since spiking to nearly $150 a barrel in July.
An OPEC statement issued after oil ministers ended their meeting early
Wednesday said the organization agreed to produce 28.8 million barrels a day.
OPEC President Chakib Khelil said that quota in effect meant that member
countries agreed to cut back 520,000 barrels a day in overproduction.
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