25th October 2008 - Opec cuts output as oil heads back down towards $50 a barrel (TT)

Despite Opec's decision to cut production by 1.5 million barrels a day, analysts are predicting an oil price of $50 a barrel by the end of the year. Saudi Arabia is expected to take responsibility for one third of the OPEC cut (I.e. 500,000 barrels a day).