OPEC to cut output

VIENNA, MARCH 17. The OPEC oil-producing cartel will cut output by one million barrels per day from April 1 to stabilise oil markets, the organisation said in a statement today.

The 11-member grouping added that it will monitor the market closely, and would take "immediate" further action if necessary.

"The present weaker world economy and the traditional sharp downturn in demand" as the northern hemisphere warms up "both clearly point to a need for a correction in oil supply" the statement added.

- AFP

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