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The Art of the Oil Deal

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Donald Trump’s legendary deal-making ability during his years as a real-estate mogul is more fantasy than reality, but the president outdid himself in this weekend’s high-stakes oil diplomacy.

After several near-collapses 23 countries, including the U.S., collectively pledged to curtail oil output by perhaps 15 million barrels a day.

The most impressive aspect of the deal, from the U.S. perspective, is that Mr. Trump got something for hardly anything. Much of the voluntary cutting will be done by members of the Organization of the Petroleum Exporting Countries and their nonmember allies—some 9.7 million barrels a day.

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