Eleven non-OPEC oil-producing states including Russia agreed Saturday to cut their output by 558,000 barrels per day, OPEC said, in a joint bid to boost a saturated global market.

"I am happy to announce that a historic agreement has been reached", said Qatar's Energy Minister Mohammed Bin Saleh Al-Sada, whose country holds the rotating presidency of the Organization of the Petroleum Exporting Countries (OPEC).