OPEC has reached a deal amongst all 14 member countries to cut oil production to 32.5 million barrels a day for the first time since 2008, according to several media reports.

Multiple media reports, citing unmanned sources which cannot be verified by CNBC, said member countries of the oil-producing cartel meeting at its headquarters in Vienna had secured a cut in its oil production from 33.8 million barrels a day (b/d) to 32.5 million b/d in an effort to prop up prices. Oil prices have fallen by more than half since mid-2014 due to global oversupply and booming U.S. shale production.

Oil prices soared more than 8 percent to above $50 a barrel on Wednesday morning and rallied to five-week highs with investor optimism over the deal.

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