The Latest: OPEC agrees to cut in oil production

Journalists listen to a video during a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members, at their headquar

Journalists listen to a video during a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members, at their headquar

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the P

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the P

Iran's Minister of Petroleum Bijan Namdar Zangeneh speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OP

Iran's Minister of Petroleum Bijan Namdar Zangeneh speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OP

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the P

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the P

Minister of State for Petroleum Resources from Nigeria Emmanuel Ibe Kachikwu speaks to journalistsprior to the start of a meeting of the Organization

Minister of State for Petroleum Resources from Nigeria Emmanuel Ibe Kachikwu speaks to journalistsprior to the start of a meeting of the Organization

Iran's Minister of Petroleum Bijan Namdar Zangeneh arrives prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, O

Iran's Minister of Petroleum Bijan Namdar Zangeneh arrives prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, O

Libya's Mustafa Sanalla Chairman National Oil Corporation speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countr

Libya's Mustafa Sanalla Chairman National Oil Corporation speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countr

Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei talks with Mohammad Sanusi Barkindo, from left, OPEC Secretary General

Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei talks with Mohammad Sanusi Barkindo, from left, OPEC Secretary General

VIENNA (AP) — The Latest on the OPEC oil meeting (all times local):

4 p.m.

Iraq's representative in OPEC says the oil cartel has agreed to a proposal that will see global oil production reduced by 1.2 million barrels a day.

According to Thamir Ghadhban, the proposed cut would be made up of 800,000 barrels per day from OPEC countries and 400,000 barrels from non-OPEC nations.

The proposed cut was in line with the 1 million to 1.3 million barrels per day expected by analysts.

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11:10 a.m.

OPEC countries are mulling a possible cut to oil production in an attempt to stabilize prices as they meet for a second straight day.

Heavyweight Saudi Arabia has been pushing a cut of about 1 million barrels a day, but the oil cartel was not able to make a decision on Thursday.

Analysts say they're likely waiting to hear from non-OPEC Russia to better coordinate the cut.

Heading in to Friday's meeting in Vienna, Nigerian Petroleum Minister Ibe Kachikwu told reporters he was "hopeful" the nations would be able to reach an agreement.

Ahead of the meeting Brent, the international standard, was down 59 cents at $59.47 a barrel while benchmark New York crude was 61 cents lower at $50.88.

Oil prices have fallen about 25 percent in recent months.