OPEC Members Agree To Cut Their Current Oil Output.

The article reports that Organization of Petroleum Exporting Countries (OPEC) members have agreed to cut the oil output by 2 million barrels a day, or 7 percent in a move aimed at preventing a further decline in prices as of April 24, 2003. At the same time, OPEC temporarily raised its official output target to 25.4 million barrels, up 900,000 barrels a day from its existing ceiling. OPEC President Abdullah bin Hamad Al-Attiyah said that the new quota would take effect on June 1.