VIENNA, April 24: The Organization of Petroleum Exporting Countries (Opec) on Thursday announced that it would cut production by two million barrels per day from June and might even reduce output further to keep oil price from falling below $22 a barrel.
The cut in Opec’s current production level of 27.4 million bpd to 25.4 million bpd as of June 1 effectively creates a new quota for Opec of 25.4 million bpd.
