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OPEC countries agree to cut oil production

Organization of Petroleum Exporting Countries (OPEC) decided to cut oil production by 1.2 million barrels per day for the first time in last eight years in order to boost its price.

According to the details, OPEC countries were complying with the agreement made in Algeria in September this year. Algeria suggested to decrease oil production limit from 33.6 million barrels to 32.5 million barrels per day. The new stance was taken to boost petroleum prices, which had been decreasing for a long time.

Russia also announced to cut its oil production by 0.3 million barrels per day. In compliance of the agreement, Iran will be given an chance to increase its oil production. As the news break, oil prices increased by eight percent in the international market. Experts predicted that oil prices will further go up.