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Opec agrees to cut output as Saudis soften stance on Iran
Opec will reduce output to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna following a ministerial meeting on Wednesday. Opec is ditching a pump-at-will policy introduced in 2014 to resume its traditional role as price fixer. This should be a wake-up call for sceptics who have argued the death of Opec, said Amrita Sen, chief oil analyst at Energy Aspects. Saudi Arabia previously proposed that its regional rival limit output to 3.707 million barrels a day, delegates said.

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