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OPEC Members Agree On Production Cuts, Sending World Prices Soaring

The logo at the Organization of Petroleum Exporting Countries (OPEC) at the cartel's headquarters in Vienna.

OPEC members have reached a preliminary deal to curb production for the first time in eight years, sending oil prices soaring.

Officials said September 28 that the oil cartel will agree to specific production levels for each member country at a meeting in Vienna on November 30. The group will also seek support from non-member oil producers to further ease the global glut.

Oil prices have more than halved from highs above $100 a barrel in mid-2014 as a result of surging production from U.S. shale oil combined with other global oversupplies and OPEC output.

News of the preliminary deal sent prices up more than 5 prices on September 28.

The surprise output move came after Algeria's energy minister pressed demands for action on an oil supply glut to stabilize the market.

The 14-nation cartel controls around 40 percent of global crude supply.

But major producers like Russia are outside the bloc, and so-called shale revolution in the United States helped drive prices down.

Based on reporting by Reuters, AFP, AP