Opec has ended weeks of heated speculation over whether it would or would not take action to help boost the oil market by agreeing a substantive cut of 1.2 million barrels per day in production.
Opec also expects non-Opec Russia and other producers to join in with another 600,000 bpd of reductions.
The cut announced on Wednesday has sent prices soaring, at least in the short and medium term — until market realities such as a continuing global glut reassert themselves, perhaps next year.
With
