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Oil prices surge 10% after OPEC agrees to cut output for first time since 2008

Oil prices remain at less than half their mid-2014 levels, when the global glut started

Reuters 

Oil shot up over 10 percent after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede this month, while other producers stand ready to fill the gap in the longer term. The Organization of the Petroleum Exporting Countries (OPEC)agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output.

The deal also included the group's first coordinated action with non-OPEC member Russia ...

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First Published: Thu, December 01 2016. 09:17 IST
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