Wednesday, December 17, 2008

Opec slashes oil output by 2.2 million barrels daily



Oran, Algeria (AFP) - Opec on Wednesday approved an output cut of 2.2 million barrels of oil a day, Opec president Chakib Khelil said after a ministerial meeting.

Asked about the cut, Khelil said: "It's 2.2 (million)."

An Opec statement said the reduction would take effect from Jan 1. The cartel in September and October approved cuts totalling 2.0 million barrels a day.

"The (Opec) conference agreed to cut 4.2 million barrels per day from the actual September 2008 Opec ... production of 29.045 million barrels a day effective January 1,2009," the statement said.

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