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Thursday, August 13, 2020

Opec strikes deal with Russia to cut crude oil production

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The countries of the Opec oil-producing cartel and ally Russia have agreed to cut crude production by an extra 500,000 barrels a day.

Russian energy minister Alexander Novak announced the decision on Friday.

The group’s goal is to to support the price of fuel and energy around the world.

But they also do not want to lose global market share to the United States, which keeps pumping more oil.

The decision came after long talks at the Opec headquarters in Vienna.

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