When is Enough Enough

The president of Opec on Sunday called on members of the cartel to put into immediate effect an agreement to cut output by 1m barrels a day, underscoring the group’s determination to curb falls in the oil price.
In a letter whose contents were revealed to the FT, Edmund Daukoru, Nigeria’s oil minister, urged his fellow ministers to implement their country’s share of the pro-rata quota reduction.
A communiqué announcing the measure, which reduces Opec’s quota to 27m barrels a day, is expected on Monday, ending any doubts that the group is intent on stopping prices from falling much below $60 a barrel. The agreement could push up oil prices on Monday.
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