OPEC to cut output

Aiming the stem the decline in global oil prices the Organisation of Petroleum Exporting Countries (OPEC) has decided to slash its daily output by 1.5 million barrels. The decision was taken in the meeting of OPEC in vienna on friday. OPEC meets nearly 40% of the world's daily demand of 87 million barrels. It is estimated that Saudi Arabia wil lower its daily output by 4,66,000 barrels, the highest among the OPEC members.