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Expert Views – OPEC reaches first deal to cut oil output since 2008 | Reuters

Firstpost Wednesday, 30 November 2016
LONDON The world's largest oil exporters agreed on Wednesday to cut output for the first time in eight years to erode a global supply overhang that has persisted for two years and halved the value of a barrel of crude.The Organization of the Petroleum Exporting Countries said it would agree to limit crude oil output to a maximum of 32.5 million barrels per day starting Jan. 1 for six months.

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Source: euronews (in English) - < > Embed

News video: Oil prices surge up on output cut hopes

Oil prices surge up on output cut hopes 01:05

Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week. Brent crude went up to 47.94 a barrel, its highest since the start of the month, a five-percent rally no doubt also fuelled by comments from the Russian...

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