OPEC To Cut Production 9%

OPEC agreed Wednesday to cut oil production quotas by 9% starting Jan. 1, Bloomberg reported.

The Organization of Petroleum Exporting Countries, which supplies more than 40% of the world's oil, told its member countries to cut production in an attempt to increase demand and revive prices.

Crude oil futures dipped to $39.88 on the New York Mercantile Exchange Wednesday, the lowest since July 2004.

In announcing the cuts, OPEC said that it had instructed 11 of its member countries to cut production to 24.8 million barrels a day starting Jan. 1, compared to the current target, 27.3 million barrels a day.