OPEC oil ministers have decided to curb overproduction by more than 500,000 barrels.
The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflecting OPEC attempts to prevent prices from falling too far. Crude prices have dropped nearly 30 percent since spiking to nearly $150 a barrel in July.
An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries agreed to cut back 520,000 barrels a day in overproduction.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
VIENNA, Austria (AP) — OPEC oil ministers have decided to curb overproduction by more than 500,000 barrels.
The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflecting OPEC attempts to prevent prices from falling too far. Crude prices have dropped nearly 30 percent since spiking to nearly $150 a barrel in July.
An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries agreed to cut back 530,000 barrels a day in overproduction.
(This version CORRECTS overproduction curb to 520,000 barrels)
