Oil prices surge after world’s biggest producers agree to cut their output by 1.2m barrels a day
Oil prices surged after the world’s biggest producers agreed to cut their output by 1.2m barrels a day.
Following crunch talks in Vienna, members of Opec will reduce output by 800,000 barrels per day while Russia and other nations signed up to a 400,000 reduction.
Reduced output: The cuts are scheduled to begin on January 1 and will last for six months
The cuts are scheduled to begin on January 1 and will last for six months.
There has been pressure lately for a cut in production following a sharp fall in prices because major producers, including the US, are pumping out oil at high rates.
Brent crude’s price rose by as much as 5.2 per cent, to $63.17 a barrel.
The cut is likely to anger US President Donald Trump, who on Wednesday tweeted: ‘The world does not want to see, or need, higher oil prices!’