RealNews

OPEC Approves Cut to Output by 1 Million Barrels

After a week of informal talks, the president of OPEC, Edmund Daukoru, said today that the oil cartel had agreed to trim production by 1 million barrels a day, although the group’s members are still negotiating over how the cut will be divided among them. But the confusion surrounding OPEC’s position and the group’s inability to reach a formal agreement quickly sent oil prices to their lowest level this year. Some OPEC members are calling for an emergency meeting next week to formalize the deal, which is still not official. Full Story

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