OPEC has made a cut in oil output conditional on non-OPEC producer Russia's participation. The oil cartell has dismisssed a plea from US President Trump not to cut output.
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.
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.
Qatar is leaving OPEC. The Gulf country's government has said the move is mainly for economic reasons, but dramatically worsened ties with some of its neighbors also played a significant role.
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