With Saudi Arabia softening its stance with Iran in response to the increased pressure of low oil prices, OPEC agreed to modest oil output cuts on Wednesday in the first deal of its kind since 2008, according to Reuters.

The Organization of the Petroleum Exporting Countries estimates its current output at 33.24 million barrels per day and plans to reduce that to 32.5-33.0, reestablishing its abandoned production ceilings. How much each country will produce is slated for OPEC’s next meeting in November.

Saudi Arabia is the largest OPEC producer at more than 10.7 million bpd. With the United States and Russia in the conversation, the three largest producers combined exact a third of the world’s oil.

According to OPEC sources, Saudi Arabia offered to reduce its output to 10.2 million bpd if Iran agreed to freeze production at its current levels of 3.6 to 3.7 million bpd.

Learn more: Reuters > OPEC agrees modest oil output curbs in first deal since 2008