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They're turning off the tap. At a meeting in Algiers that stretched on for hours, OPEC nations finally agreed to work together to limit worldwide production of oil.
For the first time in eight years as a method of ameliorating the price slump that's now stretched on for two years. Output will decrease from 33.24 million barrels a day to between 32.5 and 33 million. The news saw crude prices jump more than 6 percent despite lingering uncertainties about how that decrease will be apportioned among OPEC countries. |
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