OPEC To Lower Oil Production

Just when gasoline prices were getting back to a more livable range, OPEC announced today that they would reduce production.

Since the market is over-supplied, the Conference agreed to abide by September 2007 production allocations (adjusted to include new Members Angola and Ecuador and excluding Indonesia and Iraq), totalling 28.8 mb/d, levels with which Member Countries committed to strictly comply.

That is a reduction of about 520,000 barrels per day.

Source : OPEC