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Saudi Minister Jolts Oil Market in Whatever It Takes Moment

  • OPEC seals first oil-cuts deal with non-members in 15 years
  • Crude surges as Riyadh ready to cut production more deeply
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Non-OPEC Producers Join Deal to Cut Production

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Saudi Oil Minister Khalid Al-Falih emerged from the OPEC meeting room on Saturday evening having endured months of secret petro-diplomacy, late-night phone calls and, a few times, disagreements that almost saw talks collapse. But he was still smiling.

Determined to end a two-year oil market slump, Al-Falih and his Russian counterpart Alexander Novak had just brokered the first global petroleum-cuts deal in 15 years. It involved roughly 60 percent of the world’s oil production, from tiny Brunei and Equatorial Guinea to OPEC giants Iran and Iraq.