"VIENNA - OPEC and its Russia-led allies agreed on Friday to slash 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 from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April.
Oil prices jumped about 5 percent to more than $63 a barrel as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected."
Rania El Gamal, Olesya Astakhova, and Shadia Nasralla report for Reuters December 7, 2018.
Source: Reuters, 12/10/2018
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