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The Organisation of Petroleum Exporting Countries (OPEC) and its allies on Monday agreed to cut monthly oil output by 100,000 barrels per day in October.

OPEC made this known in a statement released by the organisation at its 32nd OPEC and non-OPEC ministerial meeting. The move is coming at a time that the Brent crude dropped below $100/barrel in August, on fears that major economies were falling into recession, with attendant effect on energy demand.

Nigeria is a member of OPEC. It is unclear what this cut in output will mean to its already ailing economy.