2001 News Story

OPEC to cut production by one million barrels

The Organization of Petroleum Exporting Countries (OPEC) announced today its decision to cut its production quota by one million barrels per day effective April 1, 2001. The statement issued by the oil cartel said that the OPEC ministerial conference had taken this decision so as to ensure stability in the oil market, noting that the weak world economy and decline of demand for oil had made it essential to correct the situation.