OPEC approves biggest supply cut in history

12/18/2008 | Reuters

Struggling to find a way to halt a steady decline in the price of oil, the Organization of Petroleum Exporting Countries' oil ministers agreed to slash 2.2 million barrels a day from the world's supply, the biggest cut ever attempted. Energy consultant Gary Ross said he doubts the move will accomplish its objective. "The world economy is driving the price more than anything OPEC can do," he said.

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