An OPEC agreement to limit oil production for the first time in nearly a decade does more to erase a market surplus than support higher prices, analysis finds. Members of the Organization of Petroleum Exporting Countries concluded meetings in Vienna with an agreement to cut production by 1.2 million barrels per day to align with a proposal put forward in Algeria. That cut matches what OPEC expects for world oil demand growth through next year. The proposed cut is contingent on a number of factors, including cooperation from non-member states like Russia. On the back of the news, crude oil prices staged one of their largest rallies in years, with the price for Brent at one point surging 10 […]