Independent journal on economy and transport policy
01:43 GMT+2
OPEC Plans Output Cut to Lift Prices
(International Herald Tribune)
July 26, 2001
The Associated Press
LONDON - Moving quickly to buttress sagging crude oil prices, OPEC announced Wednesday it would cut output by 1 million barrels a day, or 4 percent of its official target level.
The news lifted the price of oil, with Brent crude for September delivery rising 33 cents to close at $25.25.
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