OPEC has agreed to a production cut for the first time since 2008. Oil prices jumped over 8 percent on the news.
Speaking at a news conference in Doha, Mike Pompeo argued that the spat between Qatar and Saudi Arabia, Egypt, the UAE and Bahrain should end. Pompeo has flown on to Saudi Arabia.
President Donald Trump's call for OPEC to keep oil flows unrestricted drew criticism from Saudi Arabia. The oil cartel convened in Vienna to discuss cutting output, in a bid to bring prices back from a two-month slump.
Following two days of tense talks in Vienna, a deal to reduce oil production has been struck by OPEC and Russia. Prices have already risen on the back of the news, but Donald Trump will not be pleased.
Saudi Arabia is reportedly examining what could happen if it left the 15-country oil cartel OPEC and became a cartel all on its own. The news comes amid increased political pressure from the US, a rival oil producer.
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