Oil prices surged 5% yesterday after OPEC made the surprising decision to cut production by 1.1m barrels a day, abandoning previous pledges that it would hold supply steady. The cartel of oil-producing countries, led by Saudi Arabia, is trying to boost prices amid concern about weaker global demand. The decision poses a new risk for the global economy with elevated oil prices likely to mean decades-high inflation will persist for longer forcing central banks to keep interest rates higher. The news provided a boost to the energy sector with shares in Shell and BP being the big winners.