Oil cartel OPEC has agreed to cut production for the first time in eight years.

Analysts say lower supplies will push oil prices higher.

Non-OPEC member Russia has also agreed to reduce its output for the first time in 15 years.

But there was pushback from countries worried about revenues falling in the short term. Therefore, the deal will not affect all OPEC countries equally.

Top producer Saudi Arabia is trimming production by 486,000 barrels a day. 

Its output will now be just over 10 million barrels a day. Iran has agreed to freeze output at close to current levels of 3.8 million barrels a day.

So, what will be the consequences of OPEC's decision?

Presenter: Hashem Ahelbarra

Guests:

Cornelia Meyer - Oil economist

John Sfakianakis - Director of Economic Research at the Gulf Research Center

Manouchehr Takin - Energy consultant and former senior official at OPEC

Source: Al Jazeera