OPEC Cuts Oil Production by 1.2M Barrels

DOHA, Qatar - Oil cartel OPEC decided to cut production by a greater-than-expected 1.2 million barrels a day on Friday, and some members indicated it was open to further cuts.

United Arab Emirates oil minister Mohammed bin Dhaen al-Hamili made the announcement at a news conference after OPEC's oil ministers held an emergency meeting in the capital of Qatar.

Support for the move by the de facto leader of the cartel, Saudi Arabia oil minister Ali Naimi, shows the group's unity on the issue of price, said one analyst after the announcement.

"If the market doesn't stabilize, they are going to continue to cut production," said Phil Flynn, an analyst at Alaron Trading …