From the NYTimes News Alert email:
OPEC to Cut Output by 1.5 Million Barrels a Day
The OPEC cartel ordered a cut in oil production of at least 1.5 million barrels a day on Friday. The reduction will come into effect on Nov. 1, according to Ali Al-Naimi, the Saudi oil minister.
Oil prices have more than halved since peaking at $147 a barrel in July. After the OPEC statement, the price for Brent crude immediately dropped below $63 a barrel.
*Note: I used demand and supply analysis to develop this prediction.
