Surprise! (Not really, but what the heck.) The Saudis were leaking stories the last few days that they would never go along with a cut, but in they joined the others. It looks as though the Saudis have either lost clout or are liars.
After hours of wrangling, OPEC on Wednesday agreed to revise its complex output targets and said the move would effectively cut supplies by half a million barrels per day (bpd).
Ministers of the Organization of the Petroleum Exporting Countries (OPEC) had been widely expected to stick to existing production allocations, which have been in place all year.
But they had voiced concern about a growing surplus of oil on the market and prices on Tuesday sank to a five-month low below $102 a barrel, around 30 percent below a record hit in July above $147.
The market rallied by a dollar after OPEC's announcement.
