After two days of tense negotiations in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by non-member producer Russia, reportedly reached a preliminary agreement to cut 12.2 million barrels per day from the oil market.

Riyadh been leading calls for OPEC to trim output to boost the oil market while Russia has been hesitant about its contribution to the cut.

OPEC itself will remove 800,000 barrels from the market, Bloomberg reported, adding that Iran ...

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