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OPEC, Russia rebuff Trump's call for immediate boost to oil output

Updated : September 24, 2018 08:40 AM IST

Benchmark Brent oil reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices.
The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to fresh US sanctions.
In August, OPEC and its allies cut production by 600,000 bpd more than their pact required, mainly as a result of falling output in Iran as customers in Europe and Asia reduced purchases ahead of the US sanctions deadline.
OPEC, Russia rebuff Trump's call for immediate boost to oil output

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