If the limitation is carried through, this will be the first time oil production has been reduced since 2008.
According to the agreement, OPEC countries plan to reduce production from 33.4 million barrels per day to 32.5 million. The largest oil producer, Saudi Arabia, is expected to give up 350,000 barrels per day, while the reductions for the other countries will be decided in November.
Iran, Nigeria, and Libya are exempt from the deal and will not be expected to lower their production.
In mid-2014, oil prices were as high as $100, but an oversupply of oil over the last two years has seen prices drop to as low as $26 a barrel in February 2016. Recently, however, prices have steadied to around $47 a barrel.
to cut - to lower / decrease (doing an activity)
to surge - to suddenly rise / increase
limitation - a restriction of any further action
to carry through - to allow to (fully) happen
according to _ - as stated / indicated by_
exempt - free from following a rule, regulation, etc.
to steady - to become stable