Ministers for the Organisation of the Petroleum Exporting Countries (Opec) on Wednesday agreed to remove a record 2,2-million barrels per day (bpd) from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel.
The 12 members of Opec were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel.
The cut comes on top of existing reductions of two million bpd agreed by Opec at its last two meetings.
Oil showed little reaction to the deal reached after four hours of talks, with prices trading just above $43 a barrel.
Saudi Arabia, the world's biggest oil exporter, has led by example -- reducing supplies to customers even before a cut has been agreed to help push prices back towards the $75 level Saudi King Abdullah has identified as "fair".
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