OPEC Optimism: Oil ministers agree on big output cut. We asked Spencer Welch, Oil Industry Analyst, IHS Markit: What Sort of deal would it be and would it really ease downward pressure on prices?
Tehran has vowed to "defeat" attempts to curb its oil revenues by allowing private companies to export it. Iran also reminded Saudi Arabia that it was bound to an OPEC agreement to only boost exports collectively.
The International Energy Agency (IEA) expects the United States oil output to be higher than that of Saudi Arabia in 2018, setting the country on a course to become the world's second largest producer after Russia.
Oil prices have jumped to levels last seen in 2014, after the United States decided to re-impose sanctions on Iran, threatening to tighten global oil markets and likely to derail billions of dollars in business deals.
Rising oil prices had whetted the appetites of Wall Street, yet the massive fourth-quarter profits of America's two biggest oil companies were weaker than expected and pushed stocks down.
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