OPEC agrees to lower production by 1.5 mln barrels in November

Libya and Saudi Arabia have confirmed OPEC oil cuts of 1.5 mln barrels per day, as effective of November 1. Market players had previously expected a 1 mln bpd cut from today's extra OPEC meeting, with expectations that OPEC wanted to keep oil prices above $70 per barrel, but recent talk from OPEC members such as Iran suggesting that significant output cuts might be needed has raised fears of even tighter restrictions. The Nymex December crude future slumped to below $64 per barrel from just below $70 in the Asia session. The December future now trading at $64.58.