updated 9/9/2008 9:47:36 PM ET 2008-09-10T01:47:36

OPEC oil ministers have decided to curb production by more than 500,000 barrels.

The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflecting OPEC's attempts to prevent prices from falling too far. Since July, when crude prices spiked to nearly $150 a barrel, they have lost nearly 30 percent in value.

An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization has agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries had agreed to cut back 530,000 barrels a day in production.

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