Oil Surges on OPEC Deal to Cut Production

OPEC countries reach a deal to cut oil production by 1.2 million barrels of oil per day. This amounts to roughly 1% of the oil produced worldwide each day.

VIENNA—OPEC representatives reached a landmark deal to reduce oil output, propelling crude prices more than 8% after months of wrangling and market uncertainty about the ability of the once-mighty group to strike an agreement.

The Organization of the Petroleum Exporting Countries said Wednesday that it would cut production by 1.2 million barrels a day from 33.6 million barrels.