VIENNA — OPEC oil ministers have decided to curb production by more than 500,000 barrels.
The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflecting OPEC attempts to prevent prices from falling too far.
Crude prices have dropped nearly 30 percent since hitting nearly $150 a barrel in July.
An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day. OPEC president Chakib Khelil said that quota in effect meant that member countries agreed to cut back 520,000 barrels a day in overproduction.
Oil prices closed below $104 a barrel Tuesday on the belief that Hurricane Ike would miss critical Gulf Coast oil installations.
Still, prices remain 14 percent higher this year than in 2007, and a barrel of benchmark crude still fetches four times what it did five years ago.
While high prices drive down demand, $100 per barrel for some OPEC members is a psychologically important benchmark.
