Oil prices rallied sharply as OPEC agreed to cut. The organization announced that it targets to cut production to 32.5M bpd, the lower end of the range indicated the “Algiers Accord” in September. It also represents a -1.2M bpd, or -3.7%, reduction from October levels. Meanwhile, OPEC noted that non-OPEC countries have also agreed to cut output by -0.6M bpd with half of the contribution coming from Russia.
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