OPEC reaches deal on 30 million barrels per day oil limit

OPEC oil producers have agreed a new 30 million barrel a day output limit for all 12 member nations, its first new output pact in three years, Reuters cites an OPEC delegate as saying.

The deal is roughly in line with current production from the Organization of the Petroleum Exporting Countries and formally recognises a big increase in recent output from largest producer Saudi Arabia.