(Oran, Algeria) -- A record amount of over 2-million barrels of oil will be removed from markets daily.
OPEC ministers have agreed to the move in order to balance the supply with the declining demand.
Saudi Arabia's oil minister said the decline in output may or may not lead to high oil prices.
The new oil decreases are on top of the two million per day that were agreed to during the last two meetings by OPEC.
The target supply is now at just under 25 million barrels per day.
Saudi Arabia has not waited for OPEC to make the reduction decision.
The kingdom began reducing supplies before the announcement to push prices back to the $75 per barrel level.
Saudi's King Abdullah has described that cost as " fair." On Wall Street today, oil prices were trading at just above $43 per barrel.
Oil costs under $50 per barrel are viewed as unacceptable for oil producing countries.
(Copyright 2008 by Newsroom Solutions)