VIENNA, Austria " OPEC said Wednesday it would trim overall output by more than 500,000 barrels of oil a day by adhering closer to production quotas " a compromise meant to avoid a backlash from the biggest petroleum consuming nations and stop the rapid decline in oil prices.
Oil prices, at least early on, held steady after extended declines.
Oil prices had lost more ground Tuesday ahead of the decision, falling $3.08 to settle at $103.26 on the New York Mercantile Exchange, the lowest settlement price since April 1.
Light, sweet crude for October delivery rose 59 cents to $103.85 a barrel on Nymex Wednesday.
Also coming out of the meeting in Vienna was a new agreement between Russia and OPEC intended to improve bilateral cooperation in energy issues.
Russia produces around 11 percent of the world's oil and OPEC 40 percent.
OPEC Secretary General Abdalla Salem El-Badri, who spoke of the memorandum of understanding after meeting with Russian Vice Premier Igor Sechin, said Russia and OPEC were in early talks.
"I don't think our cooperation will affect the consumer at all," El Badri said, adding that OPEC had similar arrangements with China and the EU.
"Russia does not want to be in OPEC because it means adhering to quotas which is not what Russia wants. Russia does not want to comply with anyone's wishes but the Kremlin's," she said.