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OPEC reaches deal to cut oil production

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Staff Writer | November 30, 2016
OPEC representatives reached a deal to cut oil production after months of wrangling.
Exploration   OPEC members want $55 to $60 a barrel
This is an effort to lift sagging prices and reassert the cartel’s influence over a market increasingly dominated by the U.S., Russia and others.

The Organization of the Petroleum Exporting Countries said it agreed to cut production by 1.2 million barrels a day from the current 33.6 million barrels, representing about 1% of global production.

Other oil producers from outside the cartel are expected to cut an additional 600,000 barrels a day, OPEC said.

OPEC members have said they are targeting prices as high as $55 to $60 a barrel, a level that would boost petroleum-dependent economies that have been badly damaged by two years of prices that were often below $50 a barrel.