OPEC makes the largest-ever output cut in oil production. Still oil steadied around $40 a barrel on Thursday, near its lowest in more than four years.
OPEC says it is cutting 2.2 million barrels a day from its output starting Jan. 1. Members among the 13-nation organization were officially producing a daily 29.045 million barrels in September.
With top forecasters predicting the first decline in world energy use since 1983, OPEC’s move may not be enough to halt oil’s almost three-quarters dive since its July all-time peak above $147.