OPEC to cut oil output by 10%, in two stagesFirst cut aimed at production above existing quotas; second cut will take out another million barrels per day Bruce Stanley Associated Press Business Writer
In a surprise move, OPEC announced Feb. 10 that it would cut its excess production of crude at once and lower output quotas by 1 million barrels a day effective April 1.
The combined cuts, if effective, would curb OPEC’s actual production by about 10 percent, or 2.5 million barrels a day.
The Orga....
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Planned April cut unconditional Curb on over production shows some discipline Members currently producing 1.5 million bpd in excess
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