OPEC slashes oil output

VIENNA, Austria (AP) - OPEC oil ministers have decided to cut output by 1.5 million barrels a day beginning next month.

The oil cartel's move is an attempt to shore up sagging prices. Crude is selling for 50 percent less than this year's historic heights because the worldwide economic crisis has put a huge crimp in demand for crude.

OPEC's statement says prices have witnessed a dramatic collapse unprecedented in speed and magnitude.

Source: Associated Press