Mohammed Barkindo, Opec secretary general. The talks in the Austrian capital were the latest steps in a process that has whipsawed oil markets for weeks as consumers from the U.S. However, he indicated that some countries could pick up production if others lag. Trump slapped fresh sanctions on Tehran in May and market watchers expect Iran's output to drop by a third by the end of 2018.
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The 14 member nations of OPEC - mainly Saudi, Venezuela , Iran and Iraq - controlled a little more than 80 per cent of world crude oil reserves in 2016. By not setting individual targets, the OPEC deal appeared to give Saudi Arabia the leeway to produce more than its previous OPEC quota and fill the gap left by those such as Venezuela who can not pump enough to meet their official allocation.
But Mr Katainen said in the same interview the European Union was desperate to avoid a public trade spat. While Trump has periodically threatened to pull out of NAFTA and negotiations have gotten bogged down, he seems reticent to blow up the trade agreement , risking big price hikes and job losses in the U.S.
Among other technical and practical reasons cited by the majority for its decision was the argument that no-sales-tax rules hurt state revenues supporting schools and services. They added that the lack of sales tax was leading to "significant revenue losses", especially in states where a lack of income tax didn't give them many alternatives.
After surprising discipline by Opec members to hold to the cap, more oil is coming to the market. These latest prices, however, are well down on recent levels where Brent briefly broke through $80 and West Texas Intermediate nudged close to $73.