South Sudan and other oil producing countries have agreed to reduce oil production by 2017 in order to stabilize oil market prices, the Organization of Petroleum Exporting Countries has announced.

A meeting held in Vienna last week noted that OPEC Member Countries have decided to implement a production adjustment of 1.2 million barrels a day effective from 1st January 2017.

The oil producing countries agreed to this decision in order to control the global oil market that has been depressed by persistent oversupply and record inventories.

Countries such as South Sudan and Sudan who are still non-OPEC members proposed to adjust their oil production, voluntarily.

South Sudan and other 9 countries will gradually reduce its oil production starting from 1st January 2017 for six months period.

According to OPEC, the managed decline in production is also extendable for another six months, to take into account prevailing market conditions and prospects.

The body says the decision will achieve oil market stability in the interest of all oil producers and consumers.

It underscored the importance of other oil producing countries joining their efforts.

Over the last two weeks, OPEC says, oil prices have surged more than 15 percent since it announced it will cut production for the first time in eight years, rising briefly above $55 per barrel.