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October 24, 2008
OPEC cuts oil production after prices slump

In Vienna today, members of the Organization of Petroleum Exporting Countries (OPEC) held an emergency meeting, announcing oil production cuts of 1.5 million barrels per day, or 5 percent. OPEC signaled that it may cut prices further if prices continue to fall.

Brendan Fitzsimmons, the head strategist for Medley Global Advisors, speaks with Martin Savidge about how the cut will affect Americans in the long and short term. He also discusses the market’s influence and the future of oil prices and OPEC.

Also see our interactive energy map, which illustrates worldwide distribution and consumption of natural resources like oil, natural gas and water.

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