Opec considering huge oil production cuts to avoid market slump
by Jillian Ambrose from on (#4W4NR)
Cartel may cut up to 800,000 barrels a day from market as global economy falters
The Opec oil cartel is considering deeper cuts to production next year to avert a price slump in the market as the global economy falters.
Ministers from some of the world's biggest "petro-nations" are expected to cut an extra 400,000 barrels of oil a day from the global market and may consider even deeper cuts of up to 800,000 barrels, according to reports.
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