Organization of Petroleum Exporting Countries
agreed Friday to cut production by 800,000 to 1.2 million barrels a day, or 3% to 4% of its output, to prevent prices from slipping. Non-OPEC countries Mexico, Russia, Angola and Oman signaled they also would cut oil shipments.
OPEC representatives, meeting in Vienna, were trying to maintain their benchmark oil price at $25. It was at $22.77 Thursday. It was the second production cut announced by OPEC this year. In mid-January the OPEC nations agreed to
cut production by 1.5 million barrels a day starting Feb. 1.
Crude oil futures for April delivery were up 65 cents Friday to $27.20 a barrel on the
New York Mercantile Exchange