With oil prices falling $40 in the past month, the Organization of Petroleum Exporting Countries today said it planned to slash production by 1.5 million barrels a day the Associated Press reported.

The cartel of 13 oil-producing nations produces a little more than 29 million barrels a day. Oil prices have fallen 50 percent from their highs earlier this year, and the benchmark barrel price fell to $63.27 earlier this morning.