Non-OPEC oil states agree to cuts in 'historic' deal

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC's headquarters in Vienna, Austria, Dec 10, 2016. - REUTERS

VIENNA: Eleven countries agreed on Saturday to cut their oil output, teaming up with the OPEC cartel in an exceptional bid to end the world’s glut of crude and reverse a dramatic fall in income.  

Russia and 10 other non-OPEC states will reduce their production by more than half a million barrels per day (bpd), OPEC announced.