Opec agrees oil output cut

Opec last night agreed to a preliminary deal that will cut production for the first time in eight years.

Oil prices gained more than 6% as Saudi Arabia and Iran surprised traders who expected a continuation of the pump-at-will policy the group adopted in 2014.

The group agreed to drop production to a range of 32.5 to 33m barrels per day, said Iran’s Oil Minister Bijan Namdar Zanganeh, following a meeting in Algiers.