Oil prices surge as OPEC agrees joint 1.2 mn bpd cut with partners

Oil prices surge as OPEC agrees joint 1.2 mn bpd cut with partners

Oil prices surge as OPEC agrees joint 1.2 mn bpd cut with partnersOPEC members and 10 other oil producing nations, including Russia, agreed Friday to cut output by 1.2 million barrels a day in a bid to reverse falls in prices in recent months. Energy ministers reached the deal -- which takes effect from January 1 but has already sent prices surging on oil markets -- after two days of talks at OPEC headquarters in Vienna. "OPEC group countries are contributing 800,000 barrels per day as a cut, and the non-OPEC (countries) will be contributing 400,000 barrels per day," Emirati Oil Minister Suhail Mohamed al-Mazrouei said at a news conference.