OPEC agrees to cut output

Ministers of the Organization of Petroleum Exporting Countries (OPEC) agreed Wednesday to cut output by 1.5 million barrels per day (bpd) starting January in a bid help stabilize sagging oil prices.

The oil cartel also required non-OPEC oil producing countries to take similar move by cutting 500,000 bpd to strengthen oil price.

OPEC supplies 40 percent of world?s oil needs.

Indonesia, the only OPEC member in the region, relies heavily on oil revenue to finance its various programs.(*)