New OPEC deal makes oil price soar again

Just two weeks after the OPEC countries settled a deal to cut their oil production, the organization this weekend reached agreement with 11 other countries concerning a further reduction. The deal is described as important and has already made the oil price increase even more.

Another agreement to cut the oil output has sent the price up even further. This time, 11 non-OPEC oil producing nations this weekend agreed with the organization to reduce their production by close to 600,000 barrels of oil. Russia alone will account for half of this reduction.

The deal comes just two weeks after the OPEC members agreed internally to reduce their output by 1.2 million barrels.

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