OPEC members vote to cut output by nearly 4%Cartel says decision is a pre-emptive effort to keep crude oil prices from plunging when demand slackens early next year Bruce Stanley AP Business Writer
Despite earlier signals from OPEC that it would hold oil output steady, fears of a possible oversupply of crude persuaded its members instead to lower their output ceiling by 900,000 barrels a day.
The Organization of Petroleum Exporting Countries defied expectations and decided Sept. 24 to cut its....
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