OPEC cuts 2.2M barrels a day - December 21, 2008

Providing coverage of Alaska and northern Canada's oil and gas industryDecember 2008

Vol. 13, No. 51

Week of December 21, 2008

OPEC cuts 2.2M barrels a day

OPEC said Dec. 17 it is cutting 2.2 million barrels a day from its output to stem crude prices that have plummeted more than 70 percent from summer highs approaching $150.

An OPEC statement says the group is taking 4.2 million barrels a day off the market, compared with September levels. Members under production quotas among the 13-nation organization were officially producing a daily 29.045 million barrels in September.

The 4.2 million figure thus includes more than 500,000 barrels of overproduction that OPEC said in September it would eliminate, and a formal cut of 1.5 million barrels a day that it agreed on in November.

That amounts to a new reduction of 2.2 million barrels — the largest-ever OPEC cutback at one time.

—The Associated Press

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