Oil cartel Opec has agreed to cut production by about 5% - 1.5 million barrels per day - from next month in an attempt to halt falling prices. Crude oil is selling for 50% less than this year's highs because the economic crisis has put a huge dent in demand. Energy minister Mike O'Brien has warned retailers not to use Opec's decision to slash oil production as an "excuse" to push up pump prices.

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