OPEC+ struck a deal to cut oil output by 1.2 million barrels

The Organization of the Petroleum Exporting Countries (OPEC) and Russia have derived to an agreement on Friday to curb oil output by 1.2 million barrels a day to combat the global supply glut that drags prices down since early October.

The cartel agreed that OPEC members would cuts 800,000 barrels a day while the Russia-led group would handle the remaining.

Iran is exempted from the cut as the country is currently under US sanctions. The producers would use October output as a baseline for the cuts and the agreement will be reviewed in April.