OPEC cuts production

As of next month, the Organisation of the Petroleum Exporting Countries (OPEC) will be reducing its output by 1.5 million barrels a day.



The decision was taken in an attempt to shore up sagging prices, which have reportedly experienced a dramatic collapse.



Oil has fallen from a high of nearly US$150 a barrel per day in July to less than half that amount.



Venezuelan president Hugo Chavez had earlier asked for production to be cut by one million barrels per day.