OPEC looks poised to slash output by about 1.5 million barrels a day to put a floor under slumping oil prices. The 11-member group received a boost this week when the Russians announced plans to cut oil exports to stabilise oil prices.
Russia, a non-OPEC member, has been the subject of heavy criticism from OPEC for overproduction, which kept output high and prices down.
Crude oil prices have slumped to a two-year low to around $US20 bbl due mainly to a slowing global economy and the terrorist attacks impacting heavily on demand. The cuts in production are expected to come in as early as December 1.
