Analysts doubt OPEC deal will lift oil prices

Whether or not oil prices will rise, due to OPEC's planned crude output cut, remains to be seen, top industry analysts said.

OPEC member countries agreed last fortnight to cut their oil output by 1.2 million barrels per day. The first such deal in eight years, the agreement intends to shrink a global glut that has dragged down benchmark prices.

But the planned production cut from next month might not help reduce crude output at one go or in the near future, said Daniel Yergin, chairman of IHS Cambridge Energy Research Associates and a Pulitzer Prize-winning author.