Crude oil prices on Wednesday jumped by more than 5% to $48 per barrel after the Organisation of Petroleum Exporting Countries (OPEC) at an informal meeting in Algeria agreed to cut oil output for the first time since 2008.

Saudi Arabia, who has had a tough opinion against output cuts, softened its stance on arch-rival Iran amid mounting pressure from low oil prices, AFP reported.

Reports say OPEC would reduce output to 32.5 million barrels per day (mbpd) from current production of 33.24mbpd.

How much each country will produce is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.

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