Oil prices have shot up by 0.5% after Opec+ announced its production plans for next year are to be scaled back significantly.
The Times reports eight members of the group, which includes the Organisation of Petroleum Exporting Countries, Russia and others, had agreed to delay plans to phase out previously agreed production cuts.
Cuts of 2.2million barrels per day of crude were expected to be ditched in January with production set to begin increasing, but this has now been pushed back until April.
The increase will now also be more gradual, over a period of 18 months.
The United Arab Emirates has agreed to delay an increase of 300,000 barrels to its quota until April, according to Opec.
Oil prices have dropped by nearly 11% since June when Opec+ met and decided to unwind the voluntary cuts in production, which was originally due to begin from September.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 23 points at 8,352 shortly after opening this morning.
Brent crude oil futures were up 0.30%, trading at $71.93 a barrel.
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