ALGIERS / Reuters For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran. But as the two managed to find a rare compromise on Wednesday— with Riyadh softening its stance towards Tehran— a third OPEC superpower emerged. Iraq overtook Iran as the group’s second-largest producer several years ago but …

Bloomberg Oil held near $47 a barrel after advancing the most since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output. Futures slipped 0.5 percent in New York after surging 5.3 percent Wednesday. The Organization of Petroleum Exporting Countries agreed to cut production to a range …

  Bloomberg OPEC’s surprise deal to reduce crude production isn’t only supporting oil prices, it’s helping drive gains across commodities and the companies that produce them. The Bloomberg Commodity Index, a measure of returns from 22 raw materials, extended gains after the biggest jump in almost three weeks on Wednesday, when OPEC agreed to cut output for the first time …