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OPEC agrees to cut 1.2 million barrels a day to boost oil prices

Jed Kim Dec 1, 2016
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An Austrian soldier stands guard outside the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on Tuesday. JOE KLAMAR/AFP/Getty Images

OPEC agrees to cut 1.2 million barrels a day to boost oil prices

Jed Kim Dec 1, 2016
An Austrian soldier stands guard outside the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on Tuesday. JOE KLAMAR/AFP/Getty Images
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The agreement by OPEC members to cut oil production by 1.2 million barrels a day — that’s 1 percent of global production — sent crude prices climbing after it was announced. The global oil industry hopes things will continue to trend that way. The deal is meant to reduce the current oil glut and get us nearer to a balance between supply and demand.

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