OPEC to cut production, oil prices drop

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Gas prices may soon be on the rise again. That’s the goal behind OPEC’s decision to cut oil production, but it wasn’t the result Friday morning.

The Organization of Petroleum Exporting Companies today announced plans to cut output by 1.5 million barrels a day, beginning Nov. 1. OPEC says it is trying to stem the “dramatic collapse, unprecedented in speed and magnitude,” of oil prices, according to a press release issued today by OPEC.

The announcement had the opposite effect, however, as oil futures fell about 7 percent today to $63 a barrel. Crude oil prices peaked in July at $147 a barrel, the New York Times reports.

OPEC will revisit the issue — and the possibility of another output reduction — at a conference scheduled for Dec. 17 in Algeria.

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