Opec agrees on need for output cut — FT.com:
"Some of the world’s biggest oil producers have agreed on the need to cut production for the first time in eight years, sending crude prices higher by more than 5 per cent.
After four-and-a-half hours of discussions in Algeria on Wednesday, the 14 member group has reached a consensus that output cuts are needed to help lift prices and rebalance the market, according to Opec delegates, report David Sheppard in Algiers and Anjli Raval and Neil Hume in London.
Iran’s state news agency Shana quoted the country’s oil minister Bijan Zanganeh as saying:"
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