OPEC has agreed on Wednesday to cut its oil output for the first time since 2008, following a capitulation by Saudi Arabia, which was forced to soften its stance on rival Iran amid mounting pressure from low oil prices. According to Reuters sources in OPEC, the group would reduce output by around 3% to 32.5 million barrels per day from current production of 33.24 million bpd. However, some countries such as Iran were exempt from the cap, and if previous rumours were true, will be allowed to pump even more.
In the meantime WTI gained 5% on Wednesday trading. The price of a barrel jumped to $47 from $45 at the close of the previous session.
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