Vox | Oil back above $50 as Opec agrees supply cut Financial Times The cartel, which pumps a third of the world's oil, reached the deal to cut 1.2m barrels a day to about 32.5m b/d for six months from the start of January after six hours of talks in Vienna. There is an option to extend the agreement until the end of 2017. Opec countries agree first oil output cut in eight years Oil prices are surging as OPEC hashes out a deal to cut production OPEC agrees to oil production cuts |