10/10/2008 05:12 am ET Updated May 25, 2011

OPEC Decides To Cut Oil Production

The OPEC oil group has agreed to cut its real output by 520,000 barrels per day in the next 40 days, OPEC's President and Algerian Energy Minister Chakib Khelil said on Wednesday.

When asked about the size of a proposed cut to OPEC's current production, Khelil replied: "I think if you do your own calculations, it is a cut of 520,000 barrels per day."

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