The Organization of Petroleum Exporting Countries (OPEC) oil ministers have decided to cut the group's output by 520,000 barrels per day (bpd) in the next 40 days, OPEC President said Wednesday.
Chakib Khelil, who is also Algerian oil minister, said "I think if you do your own calculation properly, it will be a lowering of production by about 520,000 barrels per day," Khelil said.
OPEC's new output ceiling is 28.8 million bpd.
At a meeting Tuesday night, OPEC oil ministers voiced concerns over the plummet of oil prices from nearly 150 U.S. dollars per barrel in July to 102 dollars Tuesday.
The next OPEC ministerial meeting will be held on Dec. 17.