Details of the OPEC decision and highlights from the press conference

  • Cut will be effective from January and last six months

  • Notes uncertainty about global economic growth

  • Next meeting will be in Vienna in April

  • Non-OPEC will cut 400K bpd

  • Total cut to be 1.2 mbpd

  • Novak says production cuts should help oil market rebalance quicker

  • Novak: Oil market situation is 'challenging'

  • Some countries will be given an exemption -- Iran, Venezuela and Libya

  • Al-Falih says Saudi January allocation will be 10.2 mbpd, Dec output will be around 10.7 mbpd

  • Many customers have loaded up on inventories on expectations of strict sanctions on Iran and those were loosened, now demand is lower as they use some of those inventories