OPEC Sends Oil Prices Higher, Defying Trump With Big Output Cut
- Group and its allies to remove 1.2m barrels a day from market
- Russia plays deal broker in meetings with Iranians and Saudis
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Saudi Arabia, Russia and the rest of the OPEC+ coalition delivered a bigger-than-expected oil production cut, sending prices soaring and defying President Donald Trump’s calls for the cartel to keep the taps open.
After a fractious two-day meeting in Vienna, the group eventually agreed to remove 1.2 million barrels a day from the oil market in the first quarter of 2019 -- more than 1 percent of global production -- to revive prices.