THE world’s major oil producing nations agreed last night to cut production by 4% despite surging prices – a move analysts said could drive crude oil prices even higher.

The world’s major oil producing nations agreed today to cut production by 4% despite surging prices – a move that analysts said could drive crude oil prices even higher.

The world’s major oil producing nations agreed today to cut production by 4% from next month despite surging prices, several oil ministers said.