OPEC Cutting Output

The cartel will cut production by a million barrels a day.
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OPEC has agreed to trim global oil production by 1 million barrels a day to boost prices, the Associated Press reported.

Members were discussing how to share the cut, the cartel's president said Wednesday.

Crude oil prices have fallen some 25% since this summer, from the high 70s for a barrel into the high 50s lately.

"The cut itself is agreed," said Nigerian oil minister and OPEC president Edmund Daukoru.

Daukoru told reporters after a Cabinet meeting in the Nigerian capital that the cuts would begin at the end of the month and said members of the producing cartel were "nearing consensus" on how to share the cuts, the AP reported.