OPEC Cuts 2.2M Barrels/Day

OPEC says it is cutting crude oil output by 2.2 million barrels a day - the largest cut ever announced by the cartel.

The accompanying statement was at pains to point out that this latest cut takes 4.2 million bpd off the table compared to September production levels.

This figure comprises half a million barrels/day of overproduction cut in September, plus last month's 1.5 million barrel reduction.

In a concerted effort to shore up prices, Russia and Azerbaijan also announced reduced output of 600,000bpd.

January crude oil initially seemed relatively unmoved by the announcement trading flat around $43/barrel.