Energy shares bolstered by surprise news of oil producers’ first agreement to cut production since 2008
Oil prices settled up nearly 6% on Wednesday after the Organisation of the Petroleum Exporting Countries (Opec) struck a deal to limit crude output. Its first agreement to cut production since 2008 follows a crash in the market on oversupply and will be finalised at its policy meeting in November.
Opec reached agreement to limit its production to a range of 32.5m-33m million barrels per day (bpd) in talks held on the sidelines of the 26-28 September International Energy Forum in Algiers, group officials told Reuters. Opec estimates its current output at 33.24m bpd.