OPEC agrees to slash daily output in bid to raise global oil prices

OPEC agrees to slash daily output in bid to raise global oil prices

The OPEC oil cartel reached a deal Wednesday to reduce its output for the first time in eight years, Qatar’s energy minister and president of the OPEC conference said. Oil prices rose more than 8 percent on Wednesday as some of the world’s largest oil producers agreed to curb oil output for the first time […]

Oil prices surge after OPEC agrees surprise cut in production

Oil prices surge after OPEC agrees surprise cut in production

The Organization of Petroleum Exporting Countries (OPEC) agreed Wednesday to cut oil production, ministers said, in a surprise move aimed at boosting persistently weak crude prices. The news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. In London benchmark Brent […]