Oil production curb as prices fall

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Opec members released a statement after their regular six-monthly meeting in Vienna saying the organisation had agreed to produce 28.8 million barrels a day - a cutback of 530,000 barrels a day.

The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflecting Opec's attempts to prevent prices from falling too far.

October Brent crude fell by 4.14 US dollars to 99.30 US dollars a barrel on London's ICE commodities exchange, slipping below 100 US dollars for the first time since the beginning of April.

Light, sweet crude traded on New York Mercantile Exchange - the world's benchmark crude price - also dropped to a level not seen since April, falling by more than three US dollars a barrel to settle at 103.26 US dollars.

Petrol prices on UK forecourts have not fallen as quickly, with average unleaded petrol down from July's peak of 119.7p to 112.7p at the weekend - a drop of nearly 6%. Average diesel prices have fallen from 133.3p to 124.1p, just under 7%.

OPEC nations have around two-thirds of the world's known oil reserves, and account for 40% of the world's oil production. Other members include Iraq, Venezuela and Indonesia.

The AA said it takes around four to six weeks for oil price changes to filter through to forecourt pumps.

As long as there is no shock in the supply of oil, the fall could result in a drop in the cost of petrol for UK motorists.

Andrew Howard, spokesman for the AA, added: "The fact that the slide in price has started does not guarantee that prices around the world will fall."