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Thursday, December 18, 2008

OPEC cuts production for third time in 3 months

CAIRO — OPEC, in an effort to spark a price rebound, has ordered a significant cut in crude oil production.

The 13-member oil cartel approved a 4.2 million barrel per day cut in production, Middle East Newsline reported. In an emergency session in Algeria on Dec. 17, OPEC said the cut would be based on production levels in September 2008.

"The conference agreed to cut 4.2 million barrels per day from the actual September 2008 OPEC production of 29.045 million barrels a day effective Jan. 1, 2009," the statement said.

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This marked the third production cut in less than three months.

In September and October, OPEC ordered a reduction of two million barrels per day.

The price of oil has been hovering at $40 a barrel, with some analysts predicting a decline to $25 in 2009.

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