Carmakers and airlines easyJet and Ryanair demanded Britain secure a Brexit deal which preserves their access to Europe, warning any barriers to trade could risk the future of car plants and ground flights between the UK and the continent.
"Trust between oil producing countries is important if a global deal to curtail output is to succeed," Russian Energy Minister Alexander Novak said on Wednesday.
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
OPEC surprised the market yesterday and actually managed to agree on a production cut, with details to follow in their November meeting. Up to 800,000 barrels of oil per day will potentially be removed from the oversupplied market which would lower the production target for the cartel to a range between 32.5 and 33.0 mb/d. Crude oil prices surged some 6% in the immediate aftermath of the news, though they have since eased off a tad as traders make a more sober assessment of the whole situation.
They said it wouldn’t get done but OPEC went ahead and did it anyway. OPEC, in Algiers, agreed to reduce oil output to a range of 32.5 to 33 million barrels a day that could eventually lead to a larger cut. But it is not just the amount of oil, the key is that the cartel agreed to anything.
Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.
Oil rose towards $35 a barrel on Friday, a gain of some 25 % from the 12-year lows seen earlier in January, on prospects that a deal between major exporters to cut production could help reduce one
