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OPEC: Cutting 2.2 million barrels a day


OPEC cuts 2.2 million barrels a day

Associated Press

8:20 AM PST, December 17, 2008

ORAN, Algeria — OPEC says it is cutting 2.2 million barrels a day from its output -- the largest ever at one time -- to stem crude prices that have plummeted over 70 percent from summer highs of nearly $150.

An OPEC statement says its latest announcements means it is taking 4.2 million barrels a day off the market compared to September levels. The 4.2 million figure includes more than 500,000 barrels of overproduction OPEC said in September it would eliminate and a formal cut of 1.5 million barrels a day that it agreed on last month.

That amounts to a new reduction of 2.2 million barrels announced Wednesday.

In practice, "it's 2.2" said OPEC President Chakib Khelil.

Members among the 13-nation organization were officially producing a daily 29.045 million barrels in September.

Entry #631


NBey6Comment by NBey6 - December 17, 2008, 1:24 pm
If the price does not slowly increase to around $65 - $75 a barrel soon..........It's curtains!!

PeacefulManComment by PeacefulMan - December 17, 2008, 3:11 pm
Produce only 40% of the worlds oil, yet manipulates 100%.

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