OPEC To Cut Oil Production. By Jad Mouawad, NYTimes, September 9, 2008. "In an unexpected decision made after a six-hour meeting that lasted well into the night, the OPEC oil cartel said it would reduce its oil production by about half a million barrels a day in a bid to stem a rapid decline in oil prices in recent weeks. In the short term, the strategy appeared to be working. Oil rose more than $1 a barrel in New York trading on Wednesday, rising above $104.30 a barrel. Still, oil prices remain near a five-month low. The outcome of the meeting... represented a significant loss for moderate OPEC producers like Saudi Arabia, which had argued for the group to keep producing at full tilt."
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