Economics
Oil Jumps Most in Nine Months After OPEC Agrees to Output Cuts
- Accord to curb crude production to 32.5 million barrels a day
- Deal also calls for 600,000-barrel reduction by non-OPEC
Inside OPEC's Plan to Cut Oil Production
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Oil surged after OPEC approved the first supply cuts in eight years in an effort to ease a record glut and stabilize global markets.
Futures rose 9.3 percent in New York, the biggest gain since February. OPEC agreed to reduce collective production to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh said in Vienna Wednesday. The accord comes into effect at the start of 2017 and will last six months. The pact also calls for an additional 600,000 barrels a day of cuts from non-OPEC suppliers.