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MONDAY, NOVEMBER 23, 2009
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OPEC Slashes a Record 2.2M Barrels

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(Newser) – OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will have fallen 700,000 barrels in 2008, and will decline by twice that amount in 2009.

A general view of the OPEC meeting in Oran, western Algeria.
A general view of the OPEC meeting in Oran, western Algeria.   (AP Photo)
Iraq's Oil Minister Hussain Al Shahristani.
Iraq's Oil Minister Hussain Al Shahristani.   (AP Photo)
Iran's Minister of Petroleum Gholam Hossein Nozari.
Iran's Minister of Petroleum Gholam Hossein Nozari.   (AP Photo)
Saudi Oil Minister Ali Naimi arrives at the OPEC meeting in Oran, western Algeria.
Saudi Oil Minister Ali Naimi arrives at the OPEC meeting in Oran, western Algeria.   (AP Photo)
An employee of the Bahrain Petroleum Company, the Persian Gulf island's national oil company, moves an oil drum in the Sakhir, Bahrain, desert oilfields.
An employee of the Bahrain Petroleum Company, the Persian Gulf island's national oil company, moves an oil drum in the Sakhir, Bahrain, desert oilfields.   (AP Photo)
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Is cut a response to failed auto bailout?
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Russia, Azerbaijan will also cut in sympathy
Radio Free Europe/Radio Liberty


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OPEC • recession • crude oil • oil production • oil prices • gasoline prices • economic downturn • reduction

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