Members of the Organization of the Petroleum Exporting Countries, OPEC, have agreed to cut oil production. The agreement is the first output cut since 2008. This is said to be in line with a deal reached in Algiers in September. Under the agreement, the production ceiling will be set at 32-point-five million barrels per day, down from current levels of 33-point-six million barrels. Saudi Arabia has also agreed to Iran's freezing output at pre-sanctions levels. Iran, Libya, and Nigeria still remain exempt from an output cap. Reports coming out of Vienna suggest that the meeting is still ongoing. Global crude prices have risen by more than eight-percent as a result of the agreement.
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