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.

Authorities in China have ordered hundreds of factories to cut back activity ahead of the Group of 20 summit in Hangzhou in early September, in a bid to ensure clean air, but the restrictions may cut oil demand in the world’s second-biggest oil consumer.

Mexico is set to get a record payout of at least $6bn (€5.6bn) from its oil hedges this year, according to data compiled by Bloomberg.