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Saudi Arabia u-turned on its unlimited oil policy and prices are jumping

Saudi Arabia, the world's biggest oil producer, is beginning to reverse a two-year policy of unlimited oil production, agreeing an output cap with fellow members of oil cartel OPEC. The price of crude oil jumped more than 6% after the Organization of the Petroleum Exporting Countries agreed to limit production after a meeting in Algeria. The countries agreed to limit production to a range of 32.
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