Oil

Oil prices jumped just over four percent as news of the deal broke.

OPEC resumes discussions in Vienna on Friday before heading into a meeting with non-OPEC oil producers led by Russia later in the day.

OPEC tentatively agreed to an oil output cut on Thursday.

Last month. Iraq’s oil exports dropped to their lowest level in seven months due to bad weather at its southern ports.

Net U.S. crude imports fell last week by 1.7 million barrels per day.

The China-Russian oil pipeline has reduced costs and raised the efficiency of China'.s oil imports from Russia.

China is now the world’s largest oil importer.

The trade war between the world’s two biggest economies has weighed heavily on global trade.

Iraq is OPEC’s second-largest oil producer following Saudi Arabia and pumps around 4.6 million bpd.

Qatar announced on Monday that it plans to withdraw from the oil producing group.