OPEC to Cut Output by 2.2M Barrels

OPEC, the world's largest oil-exporting group, said Wednesday it will lower its production target by another 2.2 million barrels a day starting in January, a move that comes as crude futures trade at less than one-third the level of their all-time high reached five months ago.

Since late summer, OPEC, which accounts for over 40% of the planet's oil, has set plans to cut daily output by more than 4 million barrels.

Recently, West Texas crude trading at the New York Mercantile Exchange was down 55 cents at $43.05 a barrel. Brent crude was gaining 74 cents to $47.39 a barrel. ...