OPEC Announces Plans for Record Cut to Oil Output

In an effort to halt the continuing drop in price of oil OPEC has announced plans to slash oil production by at least 2.2 billion barrels per day.

After hitting nearly $150 per barrel less than five months ago the price of a barrel has fallen more than $100.

As the price continued to fall OPEC made two separate cuts to oil production that totaled two million barrels. The announcement of the 2.2 billion cut per day is the largest cut ever made by OPEC and pushed the total cut to 4.2 billion barrels per day since September.

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