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
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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.
The cartel's announcement of the first reduction in eight years sent crude prices surging up to 6 per cent on Wednesday, while energy firms in the US and Asia followed suit with huge gains.
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