The OPEC oil cartel agreed yesterday to cut its output by 1.5 million barrels per day (bpd) - but only on condition of a cut from major non-OPEC rivals, in what analysts said could be a dangerous gamble. The 11-member cartel pledged to cut its output from January 1st if non-OPEC producers like Russia, Norway and Mexico cut by a combined 500,000 bpd.

Prices fell last week to two-year low points, eating into revenues of oil dependent OPEC state economies.

In London on Wednesday, prices fell by over a dollar on the news from Vienna. Benchmark Brent North Sea crude for December delivery slumped 1.53 dollars to 19.28 dollars in early trade.