Ahead today’s OPEC meeting, the producer cartel led by top exporter Saudi Arabia, and its allies reached a preliminary agreement despite strong opposition from Iran to boost production. The meeting today with some non-OPEC members including top producer Russia to discuss output policy. The group started withholding supply in 2017 to prop up prices. Amid strong demand, the market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.
