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| Call for record Opec output cut | |
| (about 12 hours later) | |
| Opec leaders are gathering in Algeria under pressure from Saudi Arabia to make their biggest ever single cut in output as prices plunge. | |
| Saudi Arabia, the world's largest oil producer, predicts the cartel will reduce production by a 2m barrels a day at its meeting. | |
| Saudi oil minister Ali al-Nuaimi said he expected Opec non-members to cut output by 600,000 barrels per day. | |
| Oil giant Russia, a non-member, will be represented at the meeting. | |
| A combined cut of 2.6m barrels per day represents 3% of the global output. | A combined cut of 2.6m barrels per day represents 3% of the global output. |
| Oil prices have slumped $100 from a peak of $147 a barrel in July, as demand weakened amid the downturn. | Oil prices have slumped $100 from a peak of $147 a barrel in July, as demand weakened amid the downturn. |
| Expectation is high that oil producers are ready for co-ordinated actions to boost crude prices. | |
| "Everybody is suffering. That is why we want two million. But we're worried about compliance," said an Opec delegate. | "Everybody is suffering. That is why we want two million. But we're worried about compliance," said an Opec delegate. |
| On Tuesday, US light, sweet crude eased 18 cents to trade at $44.33. | On Tuesday, US light, sweet crude eased 18 cents to trade at $44.33. |
| Brent oil added 55 cents to $45.15 a barrel. | Brent oil added 55 cents to $45.15 a barrel. |