OPEC, allies agree to keep oil production cuts in place, prices jump

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The Economic Times


Members of oil producer cartel OPEC and allied countries have agreed to leave most of their existing oil production cuts in place as the spread of new coronavirus variants prolongs concerns about economic weakness. OPEC countries led by Saudi Arabia joined with non-members led by Russia to reach the deal in an online meeting Thursday. Most significantly, one million barrels per day in voluntary cuts from Saudi Arabia will remain in place at least through April.





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