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OPEC Slashing Production By 2.2 Million Barrels

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Dec 17, 2008 8:02 am US/Pacific

OPEC Slashing Production By 2.2 Million Barrels

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ORAN, Algeria (AP) ― 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.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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