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OPEC Agrees to Cut Oil Production to Boost Prices

OPEC agreed Wednesday to cut oil production in an effort to boost oil prices and challenge other countries that have become more dominant on the global oil market. Iran’s oil minister said the cartel will cut production 1.2 million barrels a day to 32.5 million, the first time it has curbed oil output since 2008. The reduction amounts to about 1 percent of the world’s global output. Before the meeting of OPEC members in Vienna, Austria, Saudi Arabia’s energy minister said it...

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