Breaking News-RTRS-UPDATE 6-OPEC makes deepest oil cut ever to rescue prices

ORAN, Algeria, Dec 17 (Reuters) - OPEC oil ministers agreed their deepest output cut ever on Wednesday, cutting 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel.
The cut, effective Jan. 1, comes atop existing curbs of 2 million bpd agreed by OPEC since September. It lowers the supply target for the 11 members bound by output limits to 24.845 million bpd -- down nearly 15 percent from September output.