OPEC agree to oil production cuts

OPEC agreed on Friday to reduce oil production by 1.2 million barrels per day, excluding Libya, Iran and Venezuela. Reuters confirmed that oil prices jumped about 5% to exceed $63 a barrel, explaining that OPEC talks lasted two days in the Austrian capital Vienna, and concluded to reducing production by 800 thousand barrels per day starting next January, in addition to reductions of an additional 400,000 barrels per day by non-member allies.