OPEC output cut by 1.5M

VIENNA (AP)


The size of the OPEC cut reflected concerns within the Organization of Petroleum Exporting Countries, which accounts for 40% of global oil supply, that the bottom appears to be falling out of the market. Crude is selling for 50% less than this year’s historic heights because the worldwide economic crisis has put a huge crimp in demand.

Oil ministers had been expected to cut between 1 million and 2 million barrels a day at Friday’s emergency OPEC meeting in Vienna.

“Oil prices have witnessed a dramatic collapse