OPEC: Cutting 2.2 million barrels a day /blogentry/26190 NBey6's Blog: OPEC: Cutting 2.2 million barrels a day en-us Lottery Post RSS Generator Comment #2 /blogentry/26190#c31147 /blogentry/26190#c31147 Wed, 17 Dec 2008 20:11:57 GMT PeacefulMan Produce only 40% of the worlds oil, yet manipulates 100%.

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]]> NBey6 Original Blog Entry: OPEC: Cutting 2.2 million barrels a day /blogentry/26190 /blogentry/26190 Wed, 17 Dec 2008 18:23:06 GMT NBey6 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.

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