OPEC agreed Wednesday to a record cut in oil output of 2 million barrels a day, Saudi Arabian Oil Minister Ali Naimi said.
"There is a consensus on a cut of 2 million barrels a day," Naimi told reporters as an OPEC meeting got underway here.
The OPEC cut - not yet officially decided - would be its largest ever and could be complemented by combined reductions from non-OPEC members Russia and Azerbaijan of 600,000 barrels a day. This would take 2.6 million barrels a day of oil off the market.
OPEC ministers called the meeting here to take action against a steady slide in oil prices, which are now 70% off their highs of $147.27 a barrel in July, as demand dries up in recession-hit industrialized consuming nations.
At 1133 GMT, benchmark January light, sweet crude futures on the New York Mercantile Exchange were up $1.35 at $44.95 a barrel.