Opec to curtail daily output

The 114th Opec conference in Vienna decided on March 16-17 to curtail oil production by 1 million barrels since April 1. A statement of oil and energy ministers attending the meeting says the decision has been made to foster stability in the oil market. The move is intended to prevent a decline in crude prices.

BBC reports that a number of countries insisted on reducing output by 1.5 million bpd, but after opposition and pressure from the US and other major importers the quota was set at 1 billion.*