Oil prices jumped Monday after OPEC kingpin Saudi Arabia and non-member Russia agreed to keep daily oil output caps, but Iran warned the move risks killing off the cartel that pumps a third of global supplies.

Ministers from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna on Monday to discuss output, before gathering a day later for OPEC+ — which is a grouping of 24 oil-producing countries that includes Russia and accounts for almost half of global crude.

Source: AFP