OPEC set to lower oil production in Feb.

By GEORGE JAHN, Associated Press Writer
Thu Dec 14, 6:36 PM ET

The Organization of Petroleum Exporting Countries said Thursday it will take a half million barrels a day off the market beginning in February, cementing its apparent intention to do or say what it takes to keep oil prices around $60 a barrel.

The cartel, which pumps a third of the world's crude-oil, helped stabilize falling oil prices back in October when it announced a cut of 1.2 million barrels a day. But expectations of slower economic growth and a non-OPEC supply surge in 2007 meant the market was still vulnerable to a price collapse.