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OPEC, others agree 10m bpd historic production cut


Energy markets are set to return to normal following the biggest-ever production cut agreed upon Thursday by what can now be deemed the largest oil cartel in history led by Russia and Saudi Arabia.

According to Oilprice.com,  the group agreed to cut 10 million barrels per day , noting that the U.S., usually a champion of free-market economics, appeared to have caved to OPEC+ demands that it regulate its output.

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Oil price rose ahead of the decision but declined after the announcement.

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