Oil prices immediately went up by 10 percent to around $50 per barrel following an agreement between member economies of the Organization of the Petroleum Exporting Countries (OPEC).
The agreement, signed in Vienna on November 2nd, will see output cut by around 1.2 million barrels of oil per day from January.
OPEC heavyweights, Saudi Arabia, Iran and Iraq, which are the group’s three largest producers, signed the agreement, effectively stopping market forces setting the price, which was agreed two years prior.