OPEC cuts production quotas

Business Materials 10 September 2008 06:40 (UTC +04:00)

The Organization of the Petroleum Exporting Countries (OPEC) has cut its production quotas amid the sharp drop in oil prices in recent weeks, Algerian Energy Minister Chakib Khelil, conference president, told reporters early Wednesday, reported dpa.

Production quotas will be returned to the levels of September 2007. Excluding OPEC members Angola, Iraq and Indonesia, the new production target will be 28.8 million barrels a day, trimming about 520,000 barrels from current daily production levels.