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OPEC agrees to cut output by 1 million bpd in Vienna
OPEC votes to reduce its oil output target by 1 million barrels per day starting Thursday. Analysts predict higher prices as a result, with some expecting crude to exceed $40 a barrel and U.S. gasoline costs to stay elevated. The move came amid supply concerns and a weak dollar, despite UAE and Kuwait urging postponement.
MENTIONED IN THIS ARTICLE
Vienna
Austria
OPEC
Organization of Petroleum Exporting Countries
U.S
Algiers
Algeria
Kuwait
United Arab Emirates
Ali Naimi
Purnomo Vusgiantoro
Purnamo
Claude Mandil
The
International Energy Agency
Nigeria
Edmund Daukoru
Petroleum and Energy
New York
North Sea
London
Carl Larry
ABN Amro
Kevin Norrish
Barclays Capital
Europe
Norrish
Iraq