The oil cartel OPEC has decided to cut production by 1,5 million barrels a day. With oil prices collapsing since their record high in July, Opec leaders meeting in Vienna, were desperate to arrest further slides.
The only question was where the axe would fall. In the end, members such as Iran and Venezuela, who favoured a deep cut in production, won out. The core of Gulf producers had argued for a modest fall in output worried about a drop in demand in consumer countries.
The urgent talks between OPEC leaders, originally planned in November, were brought forward after growing fears of the impact of the world financial turmoil on the oil market. With prices at the petrol pump falling recently, any cut in production could reverse that trend.