Jad Mouawad, December 16, 2008
International Herald Tribune
The OPEC cartel is preparing to announce its biggest oil production cut ever, as producers struggle to contain a collapse in prices amid a global recession, the Saudi oil minister said Tuesday.
The cut would amount to two million barrels a day, or the equivalent of 2.5 percent of global production. It would be the third cut announced by OPEC in three months, and would come on top of previous pledges to reduce production by a total of two million barrels a day.
In addition, producers outside of the cartel, including Russia, may agree to trim their production by as much as 600,000 barrels a day as OPEC appeals to outsiders to prevent prices from falling any further. read more
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