OPEC to cut production by 1.2 m. barrels a day

October 20, 2006 01:08

The oil cartel OPEC has decided to cut production by 1.2 million barrels a day, the United Arab Emirates' oil minister said Friday. Mohammed Bin Dhaen al-Hamily made the announcement at a news conference after OPEC's oil ministers held an emergency meeting in the capital of Qatar. The output cut is aimed at boosting prices, which have declined more than 25 percent since mid-July.

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