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Baghdad / Iraq News Network agreed OPEC, on Wednesday evening, the first cut of oil production since 2008 with the acceptance of the Kingdom of Saudi Arabia to significantly reduce the production and abandoning its demand that the contraction of output rival Iran. Russia will participate product is not a member of the organization in production cuts for the first time in 15 years to help the Organization of Petroleum Exporting Countries to support oil prices. And it approved by Iraq , which has been insisting on the share of higher productivity to finance its war against al Daesh to cut its production by 200 thousand barrels per day. Jumped International benchmark Brent crude more than 9 percent , surpassing $ 50 a barrel , with the reach to the centerof Riyadh solution with Iran after Iraq 's agreement to cut its production , which is growing rapidly.He said the Saudi Energy Minister Khalid al - Falih before the meeting that the kingdom is ready to accept a significant reduction in production to reach an agreement. Falih told reporters after the meeting , "I think it 's delightful day for oil markets. It 's delightful day for the sector ... It must bea day Sara global economy. I think it would give a boost to global economic growth. "ProducesOPEC 's third of the world 's oil , or about 33.6 million barrels a day , and under the agreement , which was reached on Wednesday it would cut production by about 1.2 million barrels a day starting from January 2017 and will bear Arabia lion 's share by cutting production about 0.5 million barrels per day to 10.06 million barrels a day. The allies will cut UK Gulf - UAE, Kuwait, Qatar - production with a total of 300 thousand barrels per day. It was to allow Iran to increase its production slightly from its level in October is a great victory for Tehran , which has always saidthat she needed to regain market share in the oil market and lost under Western sanctions. It dominated the differences between Saudi Arabia and Iran on many previous meetings of OPEC.Said Gary Ross Observer of OPEC and founder of PIRA Energy Consulting Group , "If you wereto implement this agreement , it will be huge. Stzih a lot of oil from the market and get on the participation of Russia. " He added that oil could jump to $ 55 a barrel. Said Qatar , which was chaired by OPEC producers that are not members agreed to cut their production by 600 thousand barrels per day of additional contribution including Russia about 300 thousand barrels. Russia, long resisted reduction of production and increased its production to new highs over the past few months. The joint production cut by the OPEC producers are not members by 1.8 million barrels per day , about 2 percent of global production and Saasaad to rid the market of the glut in stocks prices paid for the collapse of the high levels reached $ 115 a barrel in mid - 2014, it said Azerbaijan and Kazakhstan had another two products from non - members in Oopk- they also have diets significantly reduced their output. Qatar said OPEC suspended Indonesia today because it is a net importer of oil and it could not cut production. The move will not affect the total reduction in OPEC output will be distributed as the share of Indonesia on the other members. OPEC will hold talks with producers are not members of the organization on the ninth of December. Qatar said OPEC will hold its next meeting on May 25 to monitor adherence to the agreement may extend , for six months.