OPEC Slashes a Record 2.2M Barrels

By Harry Kimball,  Newser Staff
Posted Dec 17, 2008 10:54 AM CST
OPEC Slashes a Record 2.2M Barrels
A general view of the OPEC meeting in Oran, western Algeria.   (AP Photo)

OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will have fallen 700,000 barrels in 2008, and will decline by twice that amount in 2009. (Read more OPEC stories.)

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