By
Associated Press
.
Published: Tue, September 09, 2008 - 9:56 pm
Last Updated: Tue, September 09, 2008 - 9:59 pm
OPEC oil ministers have decided to curbproduction by more than a-half million barrels a day.
The move is a compromise meant to avoid new turmoil in oil
markets while at the same time reflect 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
in Vienna, Austria, early Wednesday says the organization agreed to
produce 28.8 million barrels a day.
In the U.S., the price of crude oil settled Tuesday under $104 a barrel.
OPEC Wants To Cut Oil Production
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Price fixing at its finest.