September 29, 2016 by: Jennifer Bissell, Siona Jenkins and Bryan Harris Sign up to receive FirstFT by email hereSome of the world’s biggest oil producers have agreed to cut production for the first time in eight years, sending crude prices higher by more than 6 per cent.The agreement at a meeting of Opec members in Algeria surprised oil traders, who thought consensus would be difficult to reach because of divisions between Saudi Arabia and Iran, two of Opec’s largest and most influential members who are at political loggerheads. The group agreed in principle to reduce output to 32.5m-33m barrels a day, but will not begin cutting output until the cartel’s next meeting on November 30. There is also no decision on the amount of oil individual countries must cut back. Nonetheless, the oil price briefly rose above a barrel on Thursday. (FT)In the newsSaudis under fire with 9/11 vote The US Senate overrode a veto by President Barack Obama, allowing victims and families of the 2001 terrorist attacks on the World Trade Center to sue Saudi Arabia over its alleged connection to religious extremism and its conduct of the war in Yemen. “It’s a dangerous precedent and it’s an example of why sometimes you have to do what’s hard,” said Mr Obama.
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