OPEC fights falling prices with production cuts
After days of tense negotiations, OPEC members agreed to cut oil production by 1.2 million barrels a day. Russia and a few other non-OPEC countries said they’d join in to try to get sinking oil prices to rise. They’ve fallen over 30 percent in the last few months.
But while those cuts are significant, analysts say the move isn’t likely to have a major impact on the U.S. oil market. That’s because the U.S.’s own oil market is getting bigger and bigger and seems to be less vulnerable to OPEC’s decisions.
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