Opec plans to cut the supply of world oil by as much as 2 million barrels per day. This announcement comes after the price of oil began to slip over the past few weeks. Cutting the supply of oil by two million barrels a day will bring prices back up as demand weakens. President Hugo Chavez said he would like to see oil prices back between 80-90 dollars per barrel. This summer, prices reached an all time high when oil peaked at $147.27 per barrel in July.
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