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
Add BT as a preferred source
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 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.
TRENDING NOW
Abandoned ‘Titanic’, failing ‘ancient towns’: Why China’s tourism boom leaves white elephants behind
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
US-Iran peace deal: S-Reits, aviation stocks, developers on investors’ radar as potential winners
