OPEC and partners agree on 1.2 million bpd output cut: Iraq

OPEC and partner countries, including Russia, agreed on Friday to cut oil output by a combined 1.2 million barrels a day in the hope of boosting prices, Iraq's oil minister said.

"We'll cut 1.2 million bpd total," Thamer Abbas al-Ghadhban told reporters after a meeting in Vienna.

He said the amount -- equivalent to just over one per cent of global production -- would comprise an 800,000 bpd reduction by the 14 members of OPEC and 400,000 by non-cartel partners, including Russia.

The cut will be based on October output and will be subject to review in April, said a spokesman for the Vienna meeting, Tafal al-Nasr.

OPEC and its partners, which together account for around half of global output, say a glut in the market has led to oil prices falling by more than 30 per cent in two months.