OPEC agrees to trim oil production by at least 1.5 million barrels a dayPlan increases quotas, with hope cartel members will adhere to them; members estimated to be exceeding present quotas by as much as 3 million barrels a day Bruce Stanley Associated Press Business Writer
In an unusual decision aimed at keeping crude oil prices from falling, OPEC agreed to cut production by the time seasonal demand dips early next year.
The Organization of Petroleum Exporting Countries said the Dec. 12 agreement would lead to a net reduction of 1.5 million to 1.7 million barrels a d....
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