In that environment, a rate cut would have signalling value but would not rapidly translate into actual borrowing costs.

'Binding overhang' -a common situation in which bound tariffs are much higher than actual tariffs-can often absorb even a very large cut in bound rates.

It kept its target at 28.8m barrels a day but agreed to abide more faithfully to that goal by curbing overproduction-leading to a cut in actual output of 1.8%.