(VOVworld) - The Organization of the Petroleum Exporting Countries (OPEC) has agreed on an oil output cut, because oil prices are at the lowest level in decades.

The Organization of the Petroleum Exporting Countries (OPEC) has agreed on an oil output cut, because oil prices are at the lowest level in decades (Source: TTXVN)

Speaking to the press following an OPEC unofficial meeting on Wednesday, OPEC's head, Mohamed Salah Assada, said the organization decided to limit production to about 33 million barrels a day. He said OPEC will set up a committee to work out how the reduction in production will be allocated among member countries. The committee will report back at OPEC’s next formal meeting in Vienna in November.