Opec, allies agree on larger-than-expected cut after marathon talks

Crude surged as much as 5.4% in London, raising the risk that the deal could anger US President Trump, who had urged the group to keep the taps open and prices low

Opec finally broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna.
 

The cartel and its partners agreed to remove 1.2 million barrels a day from the market, with Opec itself shouldering 800,000 barrels of the burden. Iran emerged as a winner from the contentious talks, saying it’s secured an exemption from cuts as it suffers the effects of US sanctions.

Crude surged as much as 5.4 per cent in London, raising the risk that the deal could anger US President Donald Trump, who had urged the group to