24th October 2008 - OPEC Says It Will Cut Oil Output (NYT)

Concerned by the extremely steep fall in the price of oil since July this year, OPEC has decided to cut production by 1.5 million barrels a day, and has said its expects further production cuts by December or before. This action is largely prompted by the fear that the fall in the oil price will threaten social programmes which are popular with the people in Opec member countries.