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Thursday, 12/01/2016 3:01:24 AM

Thursday, December 01, 2016 3:01:24 AM

Post# of 5825
OPEC is finally agreeing to cut oil production

BRENT OIL (Feb 17)
"The oil cartel Opec has agreed its first supply cut in eight years in order to boost the price of oil.
Mohammed Bin Saleh Al-Sada, Opec's president, said a cut of 1.2 million barrels a day would start from January.
It comes after more than two years of depressed oil prices, which have more than halved since 2014, due to a supply glut on the market.
The price of Brent crude jumped 10% to $51.94 a barrel, and US crude rose 9% to $49.53.
In addition to the production cut by Opec members, non-Opec countries will be expected to reduce production by 600,000 barrels a day, according to Mr Al-Sada."

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