OPEC Urges Members To Adhere to Quotas

OPEC, whose members supply more than 40% of the world's oil, urged members to adhere more strictly to production quotas. Ministers from the Organization of Petroleum Exporting Countries agreed to a total production limit for 11 members of 28.8 million barrels a day. The lower total reflects the suspension of Indonesia's membership and is 520,000 barrels a day below the group's actual July output, the group's president, Chakib Khelil, said at a press conference. Members including Iran and Venezuela had urged OPEC to take action to keep prices above $100 a barrel as slower economic growth curbs demand. Brent crude oil fell below $100 for the first time in five months yesterday.