Opec today agreed to curb its output by 1.2 million barrels per day in its first cut for more than two years to halt a fall in prices.
The reduction, amounting to 4.3 per cent of Opec's September production, was deeper than anticipated and the biggest since January 2002.
It trims output to 26.3 million barrels per day (bpd) from November 1st.
Some ministers said a further cut of 500,000 bpd could follow when Opec next meets in Nigeria in December.
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The move follows a drop in prices on the world markets as demand fell due to high fuel stocks in consumer countries.
"The over-supply situation and imbalance in supply/demand fundamentals have destabilised the market," Opec said in a statement.