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| Opec agrees record oil output cut | Opec agrees record oil output cut |
| (20 minutes later) | |
| The oil producers' cartel Opec has agreed to make a record cut in output, slashing 2.2 million barrels per day (bpd) from its current supply. | |
| Opec has made two other cuts since September, meaning it has cut a total of 4.2 million bpd in four months. | Opec has made two other cuts since September, meaning it has cut a total of 4.2 million bpd in four months. |
| In a news conference, Opec said that it hoped the record cut would boost prices but that it had no formal price target. | In a news conference, Opec said that it hoped the record cut would boost prices but that it had no formal price target. |
| The cut means that the target for production for the 12 member states is now 24.845 million bpd. | |
| Oil prices have fallen by more than $100 a barrel from the peak above $147 that they reached in July. | |
| Demand risks | |
| The big question with Opec production cuts is always whether the member states will actually make the cuts they have agreed to. | |
| "Given the still-substantial risks to demand and ongoing scepticism on Opec compliance, it could take some time before prices recover materially above $50 to $55 per barrel," said Gordon Gray from Collins Stewart. | |
| There was little immediate reaction in the oil price, with US light, sweet crude for January delivery trading at just over $43 a barrel. |