Oil exporters discuss whether to increase supply

The world's major oil producers are meeting in Saudi Arabia as they consider increasing output amid high global prices.

Ministers from OPEC and its allies, including Russia, are discussing whether to continue reduced production at a meeting in Jeddah. The measure is set to last until June.

The countries began cutting output in January to raise prices. The move had the intended result, with a particularly big boost to prices in April, when the United States announced it was tightening sanctions on Iran.

US President Donald Trump has been urging the countries to reverse course and increase production.

But Saudi Arabia is cautious about doing so, saying it wants to monitor the impact of the Iran sanctions further before making a decision.

Russia, on the other hand, is calling for an output hike. It's wary of losing its market share as the US increases shale oil production.