Opec reaches deal to cut oil output

The Opec oil cartel reached a deal on Wednesday to reduce its output for the first time in eight years, Qatar's Energy Minister and president of the Opec conference said.The reduction by Opec will be "1.2mn barrels per day, to bring its ceiling to 32.5mn barrels per day," HE Dr Mohamed bin Saleh al-Sada told a news conference in Vienna. He said that non-member Russia has committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.