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Saudi delivers deeper cuts as OPEC+ oil producers back new pact

Saturday, December 7, 2019, 8:49 PM

Saudi Arabia spearheaded a deal that will see the OPEC+ group of oil producers commit to some of the sector's deepest output cuts in a decade aiming to avert oversupply and support prices. Saudi with OPEC peers and allies led by Russia backed a plan that could see cuts of as-much-as 2.1-million barrels per day (bpd), Saudi Energy Minister Prince Abdulaziz bin Salman said.

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