Wednesday, November 30, 2016

OPEC agrees first output cut since 2008, details unclear

OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept "a big hit" on production and agree to arch-rival Iran freezing output at pre-sanctions levels.

Brent crude futures jumped 8 percent to more than $50 a barrel on hopes Riyadh had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut.

The source said the Organization of the Petroleum Exporting Countries had on Wednesday agreed a deal in line with an accord the group reached in Algiers in Septembe ....