OPEC agrees to cut production; oil prices surge
OPEC is finally agreeing to cut oil production. It would be the first time in eight years that the oil cartel would lower output. The agreement was reached on Wednesday at a meeting in Algiers.Oil prices surged more than 5% in reaction. A global glut of oil supply caused oil prices to crash over the last two years. And OPEC nations, led by Saudi Arabia, have refused to lower production until now.
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