OPEC ministers meeting in Algiers have decided to cut production quotas by one million barrels a day from April 1, a source close to the cartel said this afternoon.
OPEC is also ordering the 10 countries in the production quota system to eliminate the current 1.5 million barrels a day of production over the OPEC quota of 24.5 million barrels a day.
The meeting also empowered the OPEC president to cut an additional 700,000 barrels from the quota if prices drop below $25.
