Oil prices surge 6% after Opec 'agrees' to cut production for first time since 2008
The world's leading oil nations - known as Opec - have struck a landmark deal at talks in Algeria that sees the countries agree to cut output and lift prices.
Oversupply has been dogging the world's oil markets and hopes are that the first deal between the nations since 2008 will mark the end of the 'dumping' strategy previously favoured by the organisation's members.
Immediately after the deal was agreed oil prices rose, with Brent Crude - the international benchmark - rising almost 6 per cent to nearly $49 a barrel last night.
Iran's Oil Minister Bijan Zanganeh said: 'Opec made an... read more
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