OPEC slashes output by 1.5 mn barrels per day: Saudi minister
OPEC decided to cut its oil output by 1.5 mn barrels per day from November 1 at an emergency meeting here on Friday, Saudi Oil Minister Ali al-Nuaimi told reporters.
By Agencies |
VIENNA: OPEC decided to cut its oil output by 1.5 mn barrels per day from November 1 at an emergency meeting here on Friday, Saudi Oil Minister Ali al-Nuaimi told reporters, as the cartel seeks to support plunging crude prices despite a looming worldwide recession.
Analysts had expected the Organization of Petroleum Exporting Countries to cut its daily output by at least one mn barrels per day as a global economic slowdown amid a worsening financial crisis slashes demand for energy.
Analysts had expected the Organization of Petroleum Exporting Countries to cut its daily output by at least one mn barrels per day as a global economic slowdown amid a worsening financial crisis slashes demand for energy.
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