Organization of Petroleum Exporting Countries (OPEC) rule out further production cuts
In September 2008, OPEC agreed to cut crude oil production by 4.2 mbd, about 5% of world’s demand to support oil prices after prices plunged by more than $100 a barrel as recession eroded fuel use. The OPEC members managed to collectively lower production by 3.42 mbd from September to February 2009, thus complying with 81% of announced production cuts. In March 2009, OPEC members decided strictly stick to existing production cuts rather than push for further cuts in output. (Source: guardian.uk)
