The Organization of the Petroleum Exporting Countries (OPEC) and allied oil exporters led by Russia have agreed to deepen production cuts and to reduce daily output by 500,000 barrels during their meeting in Vienna.
OPEC and other major oil producers, referred to as OPEC+, met on Friday to decide if the current cuts of 1.2 million barrels per day (bpd) are enough to boost the market.
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