Opec, which controls about 40 per cent of the world's oil supplies, announced a further 2.2m barrel a day cut on top of the 2m b/d it has already pledged since September.
It said it would cut 4.2m b/d from its September output of 29.045m b/d, bringing its production ceiling to 24.845m b/d in January.
Russia said its companies would be forced to cut another 320,000 b/d early next year only if low oil prices persisted.
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