Vienna, 24 Oct. (AKI) - The price of oil fell to 64 dollars a barrel on Friday - its lowest level in 16 months - despite a move by the Organization of Petroleum Exporting Countries to cut oil production.Oil ministers from the 13 OPEC nations agreed on Friday to reduce output for the first time in two years by 1.5 million barrels a day at an emergency meeting in Vienna. Saudi Arabian Oil Minister Ali al-Naimi said in an interview after Friday's meeting that the cut in output would take effect from 1 November.The cut will be from the existing quota of 28.8 million barrels a day. Crude oil has fallen 57 percent from a 11 July record of 147.27 dollars a barrel with the impact of the global financial crisis and a gloomy world economic outlook for 2009.The International Energy Agency recently predicted that demand among industrialised nations would fall 2.2 percent this year, reducing overall world demand growth to 0.5 percent. On Friday, US light crude - a standard benchmark - for December delivery was down 3.23 dollars and trading at 64.61 dollars a barrel in early trading.
