OPEC and its allies continued to haggle over the size of potential crude-production cuts in Vienna on Wednesday as U.S. President Donald Trump urged the group to keep the taps open and prices down.
With just a day to go before a critical OPEC summit, most producers made clear they agree on the need for a cut in oil production, without explaining how they’ll turn that desire into a reality. Preparatory talks between Saudi Arabia and Russia Wednesday yielded no breakthrough, putting pressure on both to push for a deal at a wider meeting later in the day.
The stakes are high after prices suffered their largest monthly drop since the financial crisis in November, while Trump resumed his public pressure on the cartel, saying in a tweet that the “world does not want to see, or need, higher oil prices!” Read More
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