Saudi Arabia to bear brunt of curbs as 14-nation cartel of producers secures deal to stabilise world market
The price of oil has surged by 8% after the 14-nation cartel Opec agreed to its first cut in production in eight years.
Confounding critics who said the club of oil-producing nations was too riven with political infighting to agree a deal, Opec announced it was trimming output by 1.2m barrels per day (bpd) from 1 January.
Related: Oil output to be cut for first time since 2008 as Opec agrees deal – business live