OPEC member's ministers are in Vienna for a key meeting of the oil cartel, with output cuts on the agenda. US President Trump has appealed to Saudi Arabia not to cut. Thursday’s decision will show who counts most in oil.
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.
The Gulf nation of Qatar's new energy minister said that his country will leave OPEC effective January of 2019. He said that he had informed OPEC of his decision ahead of his announcement.
Donald Trump wants Riyadh to keep pumping oil to keep global prices low, a tactic that pleases his blue-collar base at home. But the Saudis may balk at opposing other OPEC members ahead of a key meeting of the cartel.
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