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OPEC To Lower Quota In Pre-emptive Action Ahead Of Iraqi Output; Oil Rises 4%, Hurting Stocks; Jolt expected to wear off, however, as Iraq's crude replaces others' supplies.(A)
Byline: JED GRAHAM
A surprise decision by OPEC to cut oil output sent crude prices higher Wednesday, raising worries about persistently high energy prices and helping reverse recent stock market gains.
The Organization of Petroleum Exporting Countries said it would reduce the output quota for 10 nations by 900,000 barrels, or 3.5%, to 24.5 million barrels per day starting Nov. 1. In response, crude oil for November delivery rose $1.11, or 4.1%, to $28.24.
The cut came after crude prices fell more than 15% from above $32 in early August. Also, production is ramping back up in Iraq, the one OPEC member not bound by the quota.
The move helped …
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