OPEC agrees to curb oil overproduction

VIENNA, Austria (AP) -- OPEC oil ministers have agreed to curb overproduction by more than 500,000 barrels, in a compromise meant to avoid new turmoil in crude markets while seeking to prevent prices from falling too far.

The move reflects OPEC efforts to cover all bases in an oil market that saw prices spike to a new record just short of US$150 a barrel in July, only to shed nearly 30 percent off those peaks in subsequent months.

An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day.

OPEC President Chakib Khelil said that quota in effect meant that member countries had agreed to cut back 520,000 barrels a day in overproduction.