OPEC OKs output cut to 'rebalance' global glut

Global oil markets have rallied after the world's largest oil exporters agreed to cut output by 1.2 million barrels a day. Image: Saudi Minister of Energy, Khaled Al-Falih, attends the OPEC meeting Vienna 30 Nov 2016 (AAP)

It's the first time OPEC nations have agreed to cut production since 2008 to counter a persistent global over supply that has halved the value of a barrel of crude oil.

 

The oil cartel says it will limit crude oil output for six months starting in the new year.