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OPEC+ struck a deal to cut oil output by 1.2 million barrelsOPEC+ struck a deal to cut oil output by 1.2 million barrels |
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The Organization of the Petroleum Exporting Countries (OPEC) and Russia have derived to an agreement on Friday to curb oil output by 1.2 million barrels a day to combat the global supply glut that drags prices down since early October.
The cartel agreed that OPEC members would cuts 800,000 barrels a day while the Russia-led group would handle the remaining.
Iran is exempted from the cut as the country is currently under US sanctions. The producers would use October output as a baseline for the cuts and the agreement will be reviewed in April.
