OPEC President Qatar's Energy Minister Mohammed bin Saleh al-Sada and OPEC Secretary General Mohammad Barkindo address a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader
Reuters: OPEC in first joint oil cut with Russia since 2001, Saudis take "big hit"
OPEC agreed on Wednesday its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output.
Non-OPEC Russia will also join output reductions for the first time in 15 years to help the Organization of the Petroleum Exporting Countries prop up oil prices.
Brent crude jumped over 9 percent to more than $50 a barrel as Riyadh reached a compromise with Iran and after fast-growing producer Iraq also agreed to curtail its booming output.
"OPEC has proved to the sceptics that it is not dead. The move will speed up market rebalancing and erosion of the global oil glut," said OPEC watcher Amrita Sen from consultancy Energy Aspects.
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MIDDLE EAST
Syria claims further advances against rebels in Aleppo. Syrian rebels vow to resist army advances in Aleppo.
Syria war: Aleppo risks becoming giant graveyard - UN. Aleppo could witness one of the worst massacres since World War Two, France warns.
‘Only road’ to deliver aid to eastern Aleppo liberated – Russian MoD.
Assad, allies aim to seize all Aleppo before Trump takes power: official.
Time running out, Obama has no response to Aleppo siege.
ISIS uses water as weapon in Mosul fight. Mosul food, water reserves dwindle as fighting cuts off supplies.
US warplanes disable four of five bridges in Mosul.
'Israeli jets' strike outside Damascus, no casualties.
Palestinian leader seeks Trump support for independence.
Report points to Iran sending arms to rebels in Yemen.
Let women drive, says Saudi prince.
ASIA
North Korea sanctions: UN imposes new penalties on Pyongyang in response to nuclear missile tests. North Korea sanctions: UN curbs lucrative coal trade with China.
South Korean opposition parties push to impeach President Park Geun-hye.
Abuse of Rohingya Muslims in Burma may be 'crimes against humanity'.
UN says record half a million Afghans displaced by war.
Taliban facing financial crisis as civilian deaths deter donors.
Philippines detains two for bomb attempt near US embassy.
‘No mercy’ for Hong Kong’s pro-independence ‘rats’ says head of top Beijing think tank.
India's Supreme Court orders cinemas to play national anthem.
AFRICA
Militants strike north Mali airports with suicide truck, rockets.
Former Mali coup leader Sanogo on trial for murder.
Eleven-nation Central African talks back DR Congo deal.
Libyan general Khalifa Haftar meets Russian minister to seek help.
U.S. struggling to win enough votes for South Sudan arms embargo.
Zimbabwe police fire tear gas at bank note protest.
Rwanda probes possible role of French officials in genocide: prosecutor.
Morocco accuses African Union chief of obstructing readmission.
EUROPE
Putin: Trump agrees US-Russia relations 'must be straightened out'.
Russia positions 55,000 troops by its border with Ukraine in latest sign of aggression by Putin as fears grow he is preparing for war.
Ukraine prepares missile test near Crimea, angering Russia.
Germany says an intelligence informant offered state secrets to jihadists on the Internet.
NATO nearing solution to continue Aegean migrant mission: UK general.
Stockholm in flames as car fire epidemic rages in 'no-go' zone.
Great-grandson of man killed in Stalin's purges to sue Russian state.
AMERICAS
Trump will leave his company 'in total' to focus on the White House as he promises first press conference since July to explain why avoiding conflicts of interest is 'visually important'. Trump says will back away from business to focus on White House.
Trump: There should be 'consequences' for people who burn the U.S. flag.
House Democrats re-elect Pelosi as leader despite discontent.
Obama says 'it's not a miracle' Trump won- he always had a chance - but it is a disappointment: 'I don't want to sugarcoat it. There are consequences to elections'.
Obama: 'Michelle will never run for office'.
FBI to gain expanded hacking powers as Senate effort to block fails.
Colombian Senate backs new Farc peace deal.
Castro's ashes begin final journey across Cuba.
Cubans 'fear reprisals' if they don't show grief over Castro's death, dissidents say.
U.S. sends nondelegation delegation to Castro services.
As Venezuela talks stutter, detained Maduro foes languish.
Chapecoense crash: Pilot reported 'no fuel' before tragedy which killed Brazilian footballers. Chapecoense air crash: Leaked tape shows plane 'ran out of fuel'.
TERRORISM/THE LONG WAR
Guantánamo parole board approves 21st captive for release, 29th ‘forever prisoner’.
Ohio State University attack: 'too soon' to determine terrorism link.
Secret Europol terror data found online.
ECONOMY/FINANCE/BUSINESS
OPEC agrees first production cut since 2008. Oil price surges as Opec agrees first cut in output since 2008.
Wall St. posts big Nov gains; mostly dips on day despite energy.
Samsung Electronics considers splitting firm in two.
U.S. Federal debt tops $19,900,000,000,000—on Black Friday.
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