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OPEC to cut oil production; crude falls

October 27, 2008
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In an emergency meeting in Vienna, the Organization of Petroleum Exporting Countries, announced production cuts of 1.5 million barrels a day in an effort to stem a steep price decline, as reported by Crude oil prices have fallen almost 60% from a record high of $147.27 a barrel hit in July. For now at least, the reduction hasn’t lifted prices. The 13 ministers of the OPEC nations cut oil production for the first time in almost two years because of weakening worldwide demand amid a slowing global economy. The production cuts are effective from Nov. 1. Another decrease in December is "possible,"'' depending on how the oil market reacts, according to the Qatari oil minister.

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