After seven months of negotiations, OPEC agreed to cut production in order to boost the price of oil, while exempting Iran, Nigeria and Libya from output cuts. Iranian media hailed the Nov. 30 deal in Vienna as a victory over Saudi Arabia.
It is OPEC's first supply cut in eight years, and will come into effect in January, along with a promised combined cut of 600,000 barrels per day (bpd) by Russia and other non-OPEC producers. Oil prices surged more than 9% immediately after the deal was announced.