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OPEC agrees to reduce production by 1.2m bpd, Exempts Nigeria & Libya

After seven hours of deliberation, the Organisation of Petroleum Exporting Countries (OPEC) has agreed to reduce oil production by around 1.2 million barrels per day from January 1, 2017. However, Nigeria and Libya were exempted from the cut, while Indonesia suspended its membership after refusing to agree to the deal. Qatar’s Minister of Energy and […]

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