OPEC Reaches Deal to Cut Oil Production – Wall Street Journal

VIENNA—OPEC representatives reached a deal to cut oil production after months of wrangling Wednesday, in an effort to lift sagging prices and reassert the cartel’s influence over a market increasingly dominated by the U.S., Russia and others.

The Organization of the Petroleum Exporting Countries said it agreed to cut production by 1.2 million barrels a day from the current 33.6 million barrels, representing about 1% of global…

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