Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Global oil pact sends prices soaring

Monday, December 12, 2016 - 01:45

Oil prices have shot up by 4 percent to their highest level since 2015 early after OPEC and other producers over the weekend reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up the market. Hayley Platt reports.

▲ Hide Transcript

▶ View Transcript

A deal at last, hopefully ending almost a year of squabbling between some of the world's biggest oil producing nations. Non-OPEC countries - including Russia, Iran and Azerbaijan agreeing on Saturday to cut production by 558,000 barrels a day. The news sent oil soaring to it highest level in almost 18 months. Brent crude hit $57 dollars a barrel before slipping back slightly. And U.S. crude topped $54 dollars a barrel. (SOUNDBITE) (English) OPEC PRESIDENT AND QATAR'S ENERGY MINISTER, MOHAMMED BIN SALEH AL-SADA, SAYING: "Our agreement has really stemmed from the sense of responsibility towards the balancing of the market which will lead to positive results." Last week OPEC agreed to slash its output by more than a million barrels a day. The deal was designed to end the worst oil downturn in a generation. Winning the backing of non-OPEC producing nations for the first time in more than a decade was seen as a victory for OPEC. It's hoping the price of oil will reach $60 per barrel when the cuts kick in the New Year. SOUNDBITE (English) IG SENIOR ANALYST, CHRIS BEAUCHAMP, SAYING: "You might actually have an environment where we're looking at an oil market that moves into deficit territory in terms of supply. But as ever with these OPEC and non-OPEC nations, the proof of the pudding is in the eating, so let's not get our party hats on too soon." OPEC has a long history of cheating on output quotas. And 15 years ago Russia broke its promise to cut at the same time as OPEC. This time there's hope the deal might stick as Saudi Arabia is shouldering the largest cuts. ////

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Global oil pact sends prices soaring

Monday, December 12, 2016 - 01:45

Featured Videos

London's female wrestling scene boosted by Netflix show 'Glow'

London's female wrestling scene boosted by Netflix show 'Glow'

There has been more interest in female wrestling and a clearer sense of what it involves since hit Netlfix show 'Glow' came out
Chimpanzees can understand rock, paper, scissors

Chimpanzees can understand rock, paper, scissors

Chimpanzees can understand rock, paper, scissors, Japanese primatologists show
Bladerunners - UK lawnmowers in 12-hour endurance race

Bladerunners - UK lawnmowers in 12-hour endurance race

Drivers donned their suits and climbed into their cockpits at the weekend for a 12-hour endurance race with a difference: they weren't driving rallying cars, but lawnmowers
The highs and lows of Macron's first 100 days

The highs and lows of Macron's first 100 days

French President Emmanuel Macron heads into the summer break faced with falling popularity ratings after tough debates in parliament over labour reform and a public ethics law, a standoff with the military and cuts to housing assistance
The vending machine helping fight against HIV

The vending machine helping fight against HIV

An innovative vending machine for HIV tests being piloted in Britain aims to help in the fight to end the epidemic