Breaking: Crucial Opec-non Opec meeting on global output deal on Dec 10
A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver

The Organization of the Petroleum Exporting Countries will meet oil producing countries which are not part of the cartel for finalizing the output reduction targets.

The crucial meeting that aims to finalize a global deal to cut crude output will take place in Vienna on December 10, Reuters reported, citing sources.

Oil prices have held on to the gains made after the Opec agreed to the first output cut since 2008 earlier this week. On Friday, the prices held above $51 a barrel after witnessing the best rally in five years.

Wednesday's landmark decision to cut output by at least 1.2 million barrels per day came after Riyadh and Tehran finally papered over the differences.

However, non-Opec members like Russia will hold the key to the successful implementation of the output reduction strategy to support prices. Russia had agreed to an output reduction contingent on the Opec reaching a unified stand. With Moscow committing an output reduction of nearly 300,000 barrels a day the major producers are on the same page.

The December 10 meeting will be watched for the commitment and the language of major producers, some of whom might be tempted to cash in on the output cut to increase market share and bring in more petro dollars to boost dwindling economies.