OPEC Agrees to First Oil Output Cut in Eight Years
- Oil club to cut output to as low as 32.5 million barrels a day
- Deal indicates Saudi Arabia and Iran resolved some differences
OPEC Production Cut: Saudi Arabia's Big Gamble
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OPEC agreed to the outline of a deal that will cut production for the first time in eight years, surprising traders who had expected a continuation of the pump-at-will policy the group adopted in 2014 at the instigation of Saudi Arabia.
Oil jumped more than 5 percent in New York after ministers said the group agreed to limit production to a range of 32.5 to 33 million barrels a day.