By Benoit Faucon and Nathan Hodge
VIENNA—Oil-producing nations on Saturday struck a deal to cut output along with the Organization of the Petroleum Exporting Countries, a pact designed to reduce a global oversupply of crude, lift prices and lend support to economies hurt by a two-year market slump.
The deal will remove about 600,000 barrels a day of crude oil from the market. That would come on top of 1.2 million barrels a day in cuts already agreed to by OPEC, amounting to a total of almost 2% of global oil supply. /zigman2/quotes/209723641/delayed CLF27 -50.96%
The deal, if complied with, would represent an unprecedented level of cooperation among oil-producing countries.