Abuja — Members of the Organisation of Petroleum Exporting Countries (OPEC) yesterday agreed to a cut in crude oil production by two million barrels per day.
In a communiqué issued at the end of the 151st extra-ordinary meeting in Oran, Algeria, OPEC said "In light of the above, the conference agreed to cut 4.2 million bpd from the actual September 2008 OPEC-11 production of 29.045 million bpd, effective January 1, 2009, with member countries strongly emphasising their firm commitment to ensuring that their production is reduced by the individually agreed amount."
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