Bloomberg Markets - OPEC Confounds Skeptics, Agrees to First Oil Cuts in 8 Years

OPEC Cut Output in Bid to End Record Glut

OPEC confounded its doubters and sent crude oil prices soaring by agreeing to its first production cuts in eight years. The deal, designed to drain record global oil inventories, overcame disagreements between the group's three largest producers -- Saudi Arabia, Iran and Iraq -- and ended a flirtation with free markets that started in 2014.