The Organization of the Petroleum Exporting Countries, OPEC has agreed its first oil output cuts since 2008, sending oil pricessoaring. In late London trade Brent North Sea crude for Januarydelivery was up 3.71 US Dollar at 50.09 dollar, the first time it hasrisen above 50 dollar in a month. West Texas Intermediate was up3.85 US dollar at 49.08 dollar. The accord announced by the OPEC in Vienna is aimed at reducing a global supply glut that has kept prices low. Qatar's Energy Minister and President of the OPEC conference, Mohammed Bin Saleh Al-Sad said that the cartel will lower its monthly output by 1.2 million barrels per day to 32.5 million barrels per day from 1st of January next year. He said this is a major step forward and they think this is a historic agreement. He also said it will definitely help rebalance the market and reduce the stock overhang.The Minister also said that the deal will help global inflationaccelerate to a more healthy rate, including in the UnitedStates. Saudi Arabia, United Arab Emirates and Iraq will reduceoutput , while Iran will increase production under the deal.