OPEC
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) versus the current 33.64 million barrels, according to Bloomberg.
Crude prices soared almost eight percent on the report.
Bloomberg quoted a delegate in Vienna, asking not to be identified as the decision has not been made public yet.
As of 1:30pm GMT, Brent crude was trading over $3 higher near $50 per barrel, while US crude benchmark WTI was above $48.
The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years.
