Last minute negotiations by President Trump secured a 23-nation agreement to cut global oil production and potentially revive a struggling U.S. oil industry.
The United States has pushed Russia and Saudi Arabia for weeks to end a price war that, along with the coronavirus pandemic, drove global oil prices to an 18-year low at the end of March. The deal is the largest oil production cut ever negotiated, equaling about 10 million barrels of oil a day, or 13% of global oil production, according to The Wall Street Journal.
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