Crude oil prices have dropped 55 percent
The Organization of Petroleum Exporting Countries said Friday it will cut oil output by 1.5 million barrels a day to halt a collapse in prices.
The 13-member cartel made the decision at an emergency meeting in Vienna, Austria.
Crude oil prices have dropped 55 percent since hitting a record $147.27 a barrel after months of steady increases were curtailed by the global financial crisis.
Oil was trading at below $64 a barrel in Asia ahead of the OPEC decision.