OPEC, Russia close to slashing oil output despite U.S. pressure

OPEC and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude.

The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts, Iraqi Oil Minister Thamer Ghadhban said after OPEC concluded two days of talks in Vienna.

The OPEC deal has yet to be approved at a meeting with the non-OPEC allies later on Friday, but most ministers indicated those talks would be smooth…

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