Oil price spikes 8% as OPEC agrees production cut

At a meeting in Vienna yesterday, members of the Organisation of the Petroleum Exporting Countries (OPEC) agreed to cut oil production to 32.5m barrels a day from January 2017. Brent crude climbed over 8.1% to $50.12 per barrel on the news, as rivals Saudi Arabia and Irania were reported to have signed an agreement after weeks of negotiations. According to Bloomberg, Khalid Al-Falih, energy minister of Saudi Arabia, said: "We have made it clear we will cut percentage-wise equal to everyone else. The exceptions are three countries; Libya and Nigeria will be allowed to increase producti...