Opec and non-Opec talks attended by Malaysia agrees to cut oil output

Historic deal: Novak (left) and Falih address a news conference to announce output reduction deal with non-Opec producers after a meeting in Vienna. – Reuters

VIENNA: The Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries.

With the deal finally signed after almost a year of arguing within Opec and mistrust in the willingness of non-Opec Russia to play ball, the market’s focus will now switch to compliance with the agreement.