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OPEC agrees to cut oil production

VIENNA, Austria (CNN) -- Oil ministers from the Organization of Petroleum Exporting Countries agreed Friday to cut oil production and were talking about slashing about 1 million barrels a day. (See map of member countries.)

No formal agreement has been announced as discussions continue, but several sources told CNN that around 1 million barrels a day is the target figure.

The OPEC ministers said that a slowdown in the world economy is prompting the cut.

By cutting 1 million barrels a day out of the world oil supply, the ministers hope that oil prices will climb back to the $25 a barrel level after slumping earlier in the week.

OPEC currently pumps about 40 percent of the world's oil supply.



RELATED STORIES:
Oil cartel OPEC may cut oil quotas for the second time this year
March 9, 2001
OPEC oil cut could depress fragile world economy
February 20, 2001
OPEC summit formally opens amid concerns about oil prices
September 27, 2000

RELATED SITES:
OPEC Home Page
Crude Oil and Natural Gas Prices
U.S. Energy Information Administration


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