After several days of speculation, the Organization of the
Petroleum Exporting Countries, or OPEC, formally agreed Friday, Oct. 20, to
reduce its output.
However, the amount of the reduction was more than
predicted, according to media reports. The group of nations agreed to lower
production by 1.2 million barrels per day - about 200,000 more barrels than
The production cuts are scheduled to start Nov. 1.