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OPEC Signals Oil Output may Remain Reduced

The Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC oil producers have signaled that the reduction in oil production that was instituted in late 2016 may continue for an additional six months longer than previously stated.

Combined the nations have accounted for a reduction in 1.8 million barrels of oil a day. The purpose behind the oil production was to increase the price per barrel of oil. It is currently around $50 a barrel. 

Source: AP, Reuters

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