OPEC Agrees To Cut Oil Production
Mar. 23, 1999
VIENNA, Austria (AP) _ OPEC members agreed today to cut crude oil production by 2.1 million barrels a day and maintain lower levels of output for a full year starting April 1, oil ministers said.
The group of 11 oil producing nations approved the cuts in an effort to strengthen prices and end a global oil glut.
``The numbers that you know are the numbers that are agreed,'' said Venezuelan Oil Minister Ali Rodriguez.
Under the production cuts, Saudi Arabia, OPEC's largest producer, will slash output by 585,000 barrels of crude a day. OPEC's No. 2 producer Iran will curtail output by 264,000 barrels a day, while Venezuela will pump 125,000 fewer barrels of oil a day.