OPEC slashes output by 1.5 M barrels a day

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Source: CCTV.com | 10-25-2008 10:18

The Organization of Petroleum-Exporting Countries has decided to slash output by 1-and-a-half million barrels a day, starting next month.

The Organization of Petroleum-Exporting Countries has decided to slash output by 1-and-a-half million barrels a day, starting next month.(CCTV.com)

OPEC President Chakib Khelil told reporters in Vienna on Friday that the cut could increase by the end of the year, to 1.8 million barrels a day.

OPEC officials left no doubt that they're ready to slice deeper if prices continue to fall.

Friday's emergency meeting was called in response to prices that have dropped by more than 50 percent since their record high of nearly 150 US dollars a barrel in July.

Editor:Zhang Pengfei