If the No Oil Producing and Exporting Cartels Act is able to work its way through US Congress and becomes a law, oil may get cheaper in America and elsewhere for a while but not for too long
The fluctuations will continue as long as there is no long-term plan for production
Opec said buoyant world trade in 2017 and 2018 had helped impulse economic growth, and therefore demand for crude
Opec has been a punching bag for US politicians since the 1970's
Opec better stop it because we're protecting those countries, says Trump
The oil cartel's decision to maintain the production ceiling at its 2016 level will ensure shortfalls in supply and high oil prices in the foreseeable future
Those reserves will shrink as the group implements the 1 million-barrel-a-day supply boost pledged in Vienna last week
Group will add as much as 700,000 barrels per day of crude to the market
Opec and non-Opec said in their statement that they would raise supply by returning to 100 per cent compliance with previously agreed output cuts, after months of underproduction
Saudi Arabia said the increase would amount to less than 1 million bpd, while Iraq said it would be around 770,000 bpd
After the decision, Brent crude oil prices were seen at $74.11 a barrel, up 1.45% from the previous day
The accord is a much-needed show of unity from the Organization of Petroleum Exporting Countries and allies including Russia
Oil prices rose by more than 1 per cent in early Asian trading on Friday
Iran has so far been the main barrier to a new pact, objecting to US calls for increased output
Indian oil minister Dharmendra Pradhan said currently high oil prices dent the economic development of many countries
The talks were meant to lay the groundwork for Friday's gathering of the 14-nation Organisation of Petroleum Exporting Countries (Opec)
Russia has proposed producers raise output by 1.5 million bpd
Opec's de facto leader, Saudi Arabia, and non-member Russia have proposed gradually relaxing production cuts - in place since the start of 2017
OPEC members are set to meet later this week in Vienna to discuss the proposal by Saudi Arabia to end the OPEC/non-OPEC deal
Iran's comments show that OPEC members are set to clash when they meet later this week in Vienna to discuss the proposal to end global output cuts