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Major Oil-producing Countries Agree to Cut Output

Oil prices climbed sharply Friday after OPEC and other producers led by Russia agreed to cut output to reduce global inventories of crude oil. OPEC countries and the Russian-led coalition agreed to collectively slash oil production by 1.2 million barrels a day, said OPEC president Suhail Mohamed al-Mazrouei, more than the 1 million barrel cut the market anticipated. After two days of negotiations, Saudi Arabia and other OPEC countries said they would cut 800,000 barrels a day,...

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