Top producer Russia entered a deal in 2016 with OPEC to tighten the oil market. AFP / Amer HILABI
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Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from U.S. President Donald Trump who accused OPEC of inflating prices. Faleh's statement at a meeting of oil producers in Saudi Arabia came as crude hit the highest level in more than three years.Oil has rebounded to over $70 a barrel, after prices crashed to as low as $26 in January 2016 .OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing.The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016 .
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