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“Historic yet insufficient”

Major oil-producing nations agreed yesterday to cut output nearly 10 million barrels per day, starting in May and running into 2022. The deal effectively ends the price war between Saudi Arabia and Russia, which flooded the world with crude over the past month.

An unusually broad coalition came together on the deal, brokered by President Trump. Low oil prices have battered debt-laden U.S. energy companies, putting the president in the unfamiliar position of coordinating with the OPEC cartel instead of criticizing it. “This will save hundreds of thousands of energy jobs in the United States,” Mr. Trump tweeted.

• As Bloomberg put it: Mr. Trump “became the first American president to push for higher oil prices in more than 30 years.”