OPEC agreed on Wednesday to modest oil output cuts, the first since 2008. That came as the group's leader Saudi Arabia softened its stance on arch-rival Iran amid mounting pressure from low oil prices. Let's hear from the President of the OPEC conference, Mohammed Bin Saleh Al-Sada.

"And we came up with a way forward, that is, to consider targeting 32.5 to 33 million barrel per day, target. And we agreed on having a high level technical committee of all OPEC members to study the mechanism of sharing the production at individual countries' level from now till the 30th of November, to be presented to the next meeting in Vienna," said Saleh.

Saleh also said OPEC will coordinate with key non-OPEC countries which have indicated willingness to cooperate. The deal proceeded slowly in the previous months when OPEC's leader Saudi Arabia insisted on the cut by every other OPEC and non-OPEC member. That strategy changed as on Tuesday, Saudi Energy Minister Khalid al-Falih said Iran, Nigeria and Libya would be allowed to produce at what he called "maximum levels that make sense" as part of any output limits.