Eleven countries have agreed to cut their oil output, teaming up with the OPEC cartel in an exceptional bid to end the world's glut of crude and reverse a dramatic fall in income. <br/><br/>Russia and 10 other non-OPEC states will reduce their production by more than half a million barrels per day (bpd), OPEC announced on Saturday. <br/><br/>The deal will take effect from the start of 2017 and last for six months, though it may be extended depending on market conditions. <br/><br/>Qatar's Energy Minister Mohammed Bin Saleh Al-Sada, whose country holds the rotating presidency of the Organization of the Petroleum Exporting Countries (OPEC) saud that he is happy to announce that a historic agreement has been reached.<br/><br/>On November 30 its members announced a slash in output by 1.2 million barrels per day (bpd) beginning in January, to 32.5 million bpd.

Eleven countries have agreed to cut their oil output, teaming up with the OPEC cartel in an exceptional bid to end the world's glut of crude and reverse a dramatic fall in income. <br/><br/>Russia and 10 other non-OPEC states will reduce their production by more than half a million barrels per day (bpd), OPEC announced on Saturday. <br/><br/>The deal will take effect from the start of 2017 and last for six months, though it may be extended depending on market conditions. <br/><br/>Qatar's Energy Minister Mohammed Bin Saleh Al-Sada, whose country holds the rotating presidency of the Organization of the Petroleum Exporting Countries (OPEC) saud that he is happy to announce that a historic agreement has been reached.<br/><br/>On November 30 its members announced a slash in output by 1.2 million barrels per day (bpd) beginning in January, to 32.5 million bpd.