Brent crude price rises after Saudi Arabia agrees to cut oil output

The price of Brent crude has risen after Saudi Arabia agreed to cut its output to firm up oil prices after a weekend of tense talks. Saudi ministers agreed to cut 1m barrels per day (bpd) from its output from next month at a meeting of the Opec+ group of oil-producing nations in Vienna. The cuts, agreed in a seven-hour meeting that was delayed amid haggling between countries, will result in Saudi Arabia's oil output dropping to 9m bpd in July from about 10m bpd in May, the biggest reduction in years. Opec production targets will fall by a further…