Oil prices gush as Opec kills off its pump-at-will policy

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

Crude oil prices jumped as much as 8.8%.

Opec will reduce output to 32.5m barrels a day, Iranian oil minister Bijan Namdar Zanganeh told reporters in Vienna following a ministerial meeting yesterday.