Home Business OPEC and Russia Agree to Cut Oil Production Despite Pressure from Trump

OPEC and Russia Agree to Cut Oil Production Despite Pressure from Trump

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OPEC and its Russian-led allies agreed on Friday to cut oil output by more than expected, despite pressure from US President Donald Trump to cut oil prices.

The producer group will cut production by 800,000 barrels per day (bpd) from January, while non-Opec allies will contribute an additional 400,000 bpd in cuts, Iraqi oil minister Thamer Ghadhban said after Opec ended two days of conversations in Vienna.

Oil prices rose about 5 percent to more than $ 63 a barrel as the combined cut of 1.2 million bpd was higher than the expected 1 million bpd low.

Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from cutting supply.