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OPEC cuts output to level out prices

24 October 2008 14:24 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Ministers of the Organization of the Petroleum Exporting Countries agreed at an emergency meeting in Vienna to slash output by 1.5 million bpd
from November 1 in an attempt to level out plunging oil prices.
The 12-country cartel said the financial crisis "is already having a noticeable impact on the world economy, dampening the demand for energy, in general, and oil in particular."
The decision would be reviewed at a new extraordinary meeting in Oran, Algeria, on December 17.
Oil has plunged more than 50 percent from its record high above $147 in July, as demand has dropped in the United States, the worldâ€™s biggest energy consumer, and other industrial countries.