The words 'OPEC' and 'exceed expectations' have rarely, if ever, been used in the same sentence," Jeffrey Halley, senior market analyst at OANDA said. "However, yesterday's production deal seems to have done just that." The price of crude and energy shares have spiked, especially across Asian markets, in the wake of OPEC's decision to reduce global oil production by 5 percent. The dollar has also benefited, rising to a nine-month high.At the OPEC exporters' group meeting in Vienna yesterday, the cartel's 14 members agreed to reduce production by around 4.5 percent, or 1.2 million barrels a day. Key non-member Russia also committed to a reduction, its first in 15 years.
The surge ended weeks of uncertainty and volatility on crude markets as the key players bickered over who would shoulder the biggest burden of the cuts.