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Oil surges 10pc as OPEC agrees to cut production


  • The deal brokered at talks in Vienna was achieved after OPEC's largest producer Saudi Arabia gave ground and agreed that Iran — still recovering from trade sanctions — was a special case and would be exempted from the cuts.
  • The deal will reduce output by 1.8MMbd from January 2017 and runs for 6 months, with OPEC members contributing two-thirds of the cut.
  • The country — which bore the brunt of the cuts to get the deal done — will cut production by almost 0.5MMbd with the other OPEC nations chipping in 0.7MMBbd.


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abc.net.au/news/2016-12-01/oil-surges-as-opec-agre...
OPECoil priceSaudi ArabiaRussia

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