Energy Information Administration, November 7, 2006 – Short-Term Energy Outlook November 2006: “In response to rising oil inventories and declining world oil prices, OPEC announced that it would cut its oil production by 1.2 million bbl/d effective November 1, 2006. This production cut differs from previous ones in that the stated intent is to reduce production from actual output levels, not just from OPEC production quotas. Although OPEC announced the target reductions each country is supposed to make, it did not specify the production level that each country is to use as the starting point for making its cuts. The absence of a benchmark contributes to the uncertainty over the amount by which each OPEC member will cut its production.”