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OPEC Announces to Cut Production by 1.5 Million bpd

The Organization of Petroleum Exporting Countries (OPEC) announced on Friday that the oil cartel will cut its oil production by 1.5 million barrels per day (bpd) for six months as of January 1, 2002.

The decision was made by oil ministers of OPEC member states at an emergency meeting held in Cairo, in a bid to stabilize oil prices in the international markets.

( December 29, 20001)