Crude Climbs as OPEC and Allies Finalize Production Limitations
- Producer group surprises with 1.2 million barrel-a-day cut
- October output levels to be used as a baseline for reductions
Khalid Al-Falih speaks to reporters ahead of the 175th OPEC meeting in Vienna on Dec. 6.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
Oil in New York jumped after OPEC and allied crude exporters surprised traders with a larger-than-expected output reduction.
Futures advanced more than 2 percent in New York and London on Friday. The Organization of Petroleum Exporting Countries and aligned nations will collectively curb production by 1.2 million barrels a day, 20 percent more than previously discussed.