OPEC Announces Big Production Cuts

Oil prices plunge nearly $5, to $63 a barrel, even while OPEC shows "solidarity" by announcing a 1.5 million-barrel-per-day production cut

Through the nine years of ever-increasing oil prices, OPEC snoozed, faintly uneasy with the damage high prices were doing to its customers' economies but content to reap the windfall. Now, with prices having fallen by close to 60% from their July peak of $147 per barrel, the Vienna-based organization is waking up, if not panicking.

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