OPEC says it will limit output to 32.5 to 33 mln bpd (this compares to the most recent known group production at 33.24 mln bpd)

So, that's a reduction of about 700K barrels per day 9depending on where in the range the cut comse to)

Now OPEC will try to reach an agreement with non-OPEC producers

A committee has been set up to choose how the cut will be allocated between members

The committee will report in November