From Yahoo News/Reuters:
ORAN, Algeria (Reuters) – OPEC oil ministers agreed on Wednesday to remove a record 2.2 million barrels per day from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel.
The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel.
The cut comes on top of existing reductions of 2 million bpd agreed by OPEC at its last two meetings. It lowers the group's supply target to 24.845 million bpd.
Oil showed little reaction to the deal reached after four hours of talks, with prices trading just above $43 a barrel.
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My Comment: Every dollar that the price for a barrel of oil goes down .... the more that the enemies of freedom and democracy are hurt. I have no sympathy for these individuals .... I can only hope that they are replaced with more reasonable people when oil prices go up .... which we all know that they will.
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