Non-OPEC producers agree to cut oil output

Non-OPEC producers on Saturday agreed to curtail oil output jointly by 558,000 barrels a day for six months starting January 1. According to national news agency WAM the announcement was made after an OPEC and non-OPEC ministerial meeting in Vienna. Those non-member cuts come on top of an OPEC decision on November 30 to reduce member output by 1.2 million barrels a day. "The meeting recorded that OPEC member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market and underscored the importance of other oil producing countries joining their efforts," OPEC said in a press release.