OPEC decides to lower production
Cairo: OPEC oil producers agreed to stamp out excess supply that has lowered world prices from record highs, with the ministers from various countries agreeing to withdraw one million barrels daily of surplus production over an existing target and to meet again on January 30 to discuss whether further cuts were necessary.

The decision goes against the expectations of consumer nations which have urged OPEC not to pull back from a surge in production, saying oil inventories must rebuild to underpin economic growth and calm volatile prices.

Prices are still around 30 per cent above the start of the year but US crude has dropped by nearly $13 from a record high of $55.67 a barrel in late October.
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