Members of the Organization of Petroleum Exporting Countries, or OPEC, have reached an agreement to freeze oil output. It's the first cut since 2008.

The intergovernmental organization's 14 members agreed to cap oil output between 32-point-5 and 33 million barrels a day.

The agreement was reached after six hours of negotiations in Algeria on Wednesday.

President of OPEC, Mohammed Bin Saleh Al-Sada, called the meeting "historical". He also noted that a committee has been set up to consider the output share of each member nation.

A report is expected to be drawn up by the committee, and then filed at the next OPEC meeting in Vienna in November.