OPEC cuts output

Oran, Algeria, Dec 18, 2008 (WAM) - The Organisation of Oil Exporting Countries (OPEC) has decided to cut production by a record 2mn bpd. The decision was taken by the OPEC members participating in an emergency meeting here at the behest of Algeria. OPEC, the supplier of more than 40 percent of world's oil, will slash production beginning 1st January 2009.