OPEC has agreed to cut supplies for the first time since the global financial crisis eight years ago, sending prices soaring above $50 a barrel as Saudi Arabia and its Gulf allies accepted big reductions in production. The cartel, which pumps a third of the world’s oil, reached the deal to cut 1.2m barrels a day to about 32.5m b/d for six months from the start of January after six hours of talks in Vienna. There is an option to extend the agreement until the end of 2017.
https://www.ft.com/content/98f3bf56-b6e6-11e6-ba85-95d1533d9a62
