(VOVworld) – The Organization of Petroleum Exporting Countries (OPEC) has agreed to curb its oil output for the first time since 2008. An OPEC source told Reuters that the deal was reached on Wednesday after Saudi Arabia accepted a reduction in its production and agreed to Iran freezing output at pre-sanction levels.

Minister of Energy, Industry, and Mineral Resources of Saudi Arabia Khaled Al-Falih at OPEC's meeting in Vienna (Photo: VNA)

Following the deal, Brent crude futures for January delivery jumped 8.3% to more than 50 USD a barrel. In September, OPEC, which accounts for a third of global oil production, agreed to reduce output to around 33 million barrels per day from the current 33.64 million barrels to revive oil prices, which have fallen more than 50% since mid-2014.