OPEC tentatively agrees to oil cut, waits for Russia to commit | Reuters

OPEC tentatively agrees to oil cut, waits for Russia to commit | Reuters:

OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.

Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. Novak returns to Austria’s capital for discussions among Saudi-led OPEC and the group’s allies on Friday.

The price of crude has fallen almost a third since October but U.S. President Donald Trump has demanded the Organization of the Petroleum Exporting Countries make oil even cheaper by refraining from output cuts.