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OPEC Agrees On First Oil Production Cut Since 2008, But Biggest Question Remains Unanswered

OPEC has agreed to cut its oil output for the first time since 2008, following a capitulation by group's leader Saudi Arabia, which was forced to soften its stance on arch-rival Iran amid mounting pressure from low oil prices. According to Reuters sources in OPEC, the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd, however some countries such as Iran were exempt from the cap, and if previous rumors were true, will be allowed to pump even more.
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