OPEC to regulate oil output

In a bid to keep crude prices at $22-24 per barrel, OPEC member-states can decrease oil output, says Venezuelan oil minister. He told BBC Wednesday that OPEC countries had agreed on regulating crude prices.

If the price falls beneath $22 per barrel, oil production will decline by 0.5 million bpd, while if it exceeds $24, output will reach the previous level.*