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Oil jumps after OPEC agrees to first production cut since 2008
Oil surged after OPEC approved the first supply cuts in eight years in an effort to ease a record glut and stabilise global markets. OPEC agreed to reduce collective production to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna Wednesday. The S&P Oil & Gas Exploration and Production Select Industry index surged 10 per cent, the most since 2008.

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