After intense negotiations, OPEC decided to cut production by 1.2 million barrels per day.
This sent oil prices and President Trump flying.
Part of the agreement is that Iran is exempt from cutting. The Saudis were the ones to take it on the chin with Iran allowed to make up for some of their production shortfall.
This was part of the agreement since the Saudis are desperate to get oil prices back up. It is reported they need $80 per barrel to substain their spending.
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