>> It was a close run thing but OPEC and it's allies have struck a deal to cut oil output, and it's a decision that wont agree with US President Donald Trump. The producers club meeting in Vienna, agreed to reduce production by 800,000 barrels a day. Allies outside the group mainly Russia adding half of that amount making a total cut of 1.2 million barrels.
The news soar prices were international bench mark Brent crew to jump 5%. That should please de facto OPEC leader Saudi Arabia. It said a cut was needed to support prices for crude, which are down about one-third since October. Earlier on Friday, it looked like Russia and Iran might have put pay to hopes of a deal.
Iran wanted an exemption from any reduction, its output already suffering under the pressure of US sanctions. But Iran eventually agreed to go along. Meanwhile Russia, not a member of OPEC but a major producer kept everybody waiting. On Thursday, the country's energy minister left Vienna to talk the matter over with President Vladimir Putin, Moscow's green light for cuts eventually coming Friday.
The one man who won't be happy with the news from Vienna is Donald Trump. He'd be impressing OPEC to keep the taps open. Trump wants low oil prices to support global economy and he fears higher prices will just give Iran a winful on it's own oil exports