The president of the OPEC oil cartel says member nations have agreed to cut oil production by one million barrels a day, in a bid to boost oil prices.

The decision has had an immediate effect. Oil prices rose in trading early Wednesday above $58 a barrel.  The price had slipped below $58 to reach a nearly eight-month low. Oil prices peaked at $78 in mid-July.
OPEC president and Nigerian oil minister Edmund Daukoru says the production cut will take effect at the start of next month.

He says OPEC's 11 members are still working out how to share the production cut.

Daukoru has said OPEC may hold an emergency meeting before a scheduled December summit to discuss what to do about falling oil prices.

Some information for this report was provided by AFP, AP and Reuters.