14 December 2006, 16:59 OPEC to cut output by 500,000 bpd from Feb 1
OPEC is to lower its production by 500,000 barrels per day from Feb 1, Algerian Energy Minister Chakib Khelil said during a meeting of the oil cartel here.
Analysts have warned that a cut to the production target risks sending oil prices sharply higher in the coming months, which would worsen an already cloudy outlook for the global economy next year.
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