OPEC Decides To Curb Production

By: Associated Press Email
By: Associated Press Email

Vienna, Austria (AP) Opec oil ministers have decided to curb production by more than a-half million barrels a day.

The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflect OPEC attempts to prevent prices from falling too far. Crude prices have dropped nearly 30 percent since spiking to nearly $150 a barrel in July.

An OPEC statement issued after oil ministers ended their meeting in Vienna, Austria, early Wednesday says the organization agreed to produce 28.8 million barrels a day.

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