OPEC cuts oil
Published:Wednesday | December 17, 2008 | 3:06 PM
The Organisation of the Petroleum Exporting Countries (OPEC) is set to agree to a record cut in oil output of two million barrels a day.
According to Saudi Arabia\'s oil minister Ali al-Nuaimi a consensus was reached on a cut of two million barrels following a meeting in Algeria.
Non-members Russia and Azerbaijan are also expected to join in, cutting their output by 600,000 barrels a day.
The total of 2.6 million barrels, adds up to 3 percent of global output.
Opec hopes this will curb the slide in oil prices.