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OPEC Cuts Output by 1.5 Million Bpd as Oil Prices Slump
The Organization of Petroleum Exporting Countries (OPEC) Friday said it would cut oil production quotas by 1.5 million barrels a day in an attempt to put a floor under oil prices, which have plunged nearly 60% from their July record.
"Oil prices have witnessed a dramatic collapse – unprecedented in speed and magnitude," OPEC said, adding that prices have fallen to levels that could jeopardize "many existing oil projects and lead to the cancellation or delay of others, possibly resulting in a medium-term supply shortage."
The 1.5 million-barrel daily reduction exceeded the expectation of many analysts, but failed to rally crude…
27Oct2008 | Money Morning | Comments Off | Continued
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