Apparent Saudi U-turn will see cartel cut production for first time since 2008 to try to reduce global glut and lift revenues
Oil and share prices rose after Opec members struck a deal to limit crude output for the first time since 2008, in an attempt to ease a global glut that has more than halved crude prices in the past two years.
The group of leading oil-producing countries agreed to limit production to between 32.5m and 33m barrels per day. It is a small reduction of the current output of 33.24m bpd and was agreed at informal talks at an industry event in Algiers on Wednesday.
Related: Markets rally after Opec agrees to cut oil production – business live