Vienna — The Organisation of Petroleum Exporting Countries (Opec) has agreed on its first limit on oil output since 2008, according to sources in the producer group, with Saudi Arabia accepting "a big hit" on its production and agreeing that archrival Iran could freeze output at presanctions levels. Brent crude futures jumped 8% to more than $50 a barrel after Riyadh signalled it had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut.
ADVERTISING..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.