OPEC to reduce oil production by 1.2m barrels a day

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Opec and its oil producing allies have agreed to cut production by 1.2m barrels a day, defying Donald Trump’s calls to keep output high and sending crude prices rocketing 5 per cent higher.

The deal was hammered out at the Opec secretariat in Vienna on Friday following two days of fractious talks, with Saudi Arabia, Opec’s largest producer and de facto leader, pushing as many members as possible to join the cut.

The Saudi pressure comes despite the US president’s exhortations for Riyadh to maintain low prices, which Mr Trump has likened to “a big tax cut” for the world, and reflects the kingdom’s need for higher oil revenues to meet its ambitious domestic spending plans.



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