OPEC countries, Russia to cut oil output, pushing up prices

The OPEC oil-producing countries and ally Russia said Friday they have agreed to cut crude production, prompting a surge in global crude prices that they hope to sustain into next year.

The group decided to cut output by an extra 500,000 barrels a day as they try to support the price of energy and bolster their revenues. But the decision was not easy: they do not want to hand over too much business to the United States, which keeps pumping more oil and flooding the market.