OPEC Makes Record Cuts to Boost Oil Prices
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Dec. 17OPEC will cut production by a record two million barrels a day in an attempt to boost prices driven down by reduced demand caused by a global recession, Bloomberg.com
The cuts are scheduled to go into effect on January 1. OPEC supplies more than 40% of the world’s oil supply, according to Bloomberg. Oil prices have fallen $100 a barrel since their high in July.
Russia, the largest non-OPEC oil producer may follow the OPEC lead in cutting output, Bloomberg reports.
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