OPEC Slashes a Record 2.2M Barrels

By Harry Kimball,  Newser Staff
Posted Dec 17, 2008 10:54 AM CST
A general view of the OPEC meeting in Oran, western Algeria.   (AP Photo)
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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.