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Saudis agree to surprise oil output cut with exemption for Iran

Crude prices surge up to 6 per cent, but analysts say the deal may not have lasting impact
Friday, September 30, 2016 - 05:50

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The Organization of the Petroleum Exporting Countries (Opec) shocked markets with a deal to cut oil output after kingpin Saudi Arabia allowed bitter rival Iran to be exempted, but analysts warned on Thursday the move would not likely have a lasting impact.

Singapore

THE Organization of the Petroleum Exporting Countries (Opec) shocked markets with a deal to cut oil output after kingpin Saudi Arabia allowed bitter rival Iran to be exempted, but analysts warned on Thursday the move would not likely have a lasting impact.

The cartel's

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