BREAKING NEWS: OPEC to slash oil production by 1.5 million barrels per day
October 24th, 2008 Posted in OilIn what may be the first round of reductions in production, OPEC ministers agreed on Friday to cut output by 1.5 million barrels per day. With oil in a virtual free fall, even the Saudis may have finally found the floor since their budget is built on a reported per-barrel price of $55 to $60. Oil fell to a new low of $64 on Friday.
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