Statement from the OPEC president

  • Confirms cut to "around" 1.2mbpd top 32.5mbpd starting Jan 2017

  • Indonesia are a net importer so asked to suspend their membership

  • Key non-OPEC producer gave support to contribute around 600k to the 1.2m

  • Russia committed to 300k cut

  • Other non-OPEC producers committed to supporting the deal

  • This is a major step forward and a historic moment

Brent back knocking around the highs again but failing to push through.

Other comments coming too while he waffles on.

Saudi's

  • Saudi production limit 10.058mbpd
  • Non-OPEC agreed to around 600k cut
  • Saudi minister says it is a good day for the market

Brent kicking up through the highs now as he finishes the statement and goes to questions.