OPEC and its Russian allies, on Monday agreed to reduce global crude oil output by 100,000 b/d in October, in what the Saudi-led cartel said was a proactive move to stabilize the market.

At the monthly ministerial meeting, the cartel noted the “adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.”

The cartel  already is producing about 3 million b/d less than its stated quota. However, prices worldwide have dipped sharply over the past three months, and global economic woes linger. 

Saudi Energy Minister Prince Abdulaziz bin Salman said the decision was “an expression of will that we will use all of the tools in our kit,”according to media reports. “The...