OPEC agrees to 1st production cuts in 8 years

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(BLOOMBERG) OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut — and prove the group’s credibility — brought about its first cuts in eight years.

OPEC will reduce production by 1.2 million barrels a day to 32.5 million a day, two delegates said Wednesday during a ministerial meeting in Vienna, asking not to be identified as the decision isn’t yet public. Benchmark Brent crude rose 8 percent to $50.07 a barrel in London at 1:37 p.m. local time.

H/T WND
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