ORAN, Algeria – OPEC says it is cutting 2.2 million barrels a day from its output — the largest ever at one time — to stem crude prices that have plummeted over 70 percent from summer highs of nearly $150.
An OPEC statement says its latest announcements means it is taking 4.2 million barrels a day off the market compared to September levels. The 4.2 million figure includes more than 500,000 barrels of overproduction OPEC said in September it would eliminate and a formal cut of 1.5 million barrels a day that it agreed on last month.
That amounts to a new reduction of 2.2 million barrels announced Wednesday.
In practice, "it's 2.2" said OPEC President Chakib Khelil.
Members among the 13-nation organization were officially producing a daily 29.045 million barrels in September.