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Opec, Russia say oil cuts deeper and faster than expected

Saudi minister says producers have removed 1.5 million barrels a day from the market
Monday, January 23, 2017 - 05:50

International oil prices rose to an 18-month high of more than US$58 a barrel after the Opec and several non-members agreed to end two years of unfettered production.


OPEC and Russia said they are ahead of schedule implementing their historic agreement to curb oil output and boost prices.

Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected,

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