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.

Oil fell below $45 in New York yesterday as an Organization of the Petroleum Exporting Countries (Opec) deal to curb output appeared in jeopardy after Iran and Saudi Arabia failed to bridge differences.

Organization of the Petroleum Exporting Countries (Opec) will stick to its policy of unfettered production after members failed to agree on a new output ceiling, but ministers were united in their optimism that global oil markets are improving.

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.

BP has cut 300 North Sea oil jobs as its looks to save costs amid the plunging price.