OPEC agrees to cut output by 1.2m barrels a day

Vienna: OPEC members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices. Energy ministers reached the deal -- which takes effect from January 1 but has already sent prices surging on oil markets -- after two days of talks at OPEC headquarters in Vienna. "We'll cut 1.2 million bpd total," Iraq´s Oil Minister Thamer Abbas al-Ghadhban told reporters after a meeting in Vienna.