OPEC & allies set for production cut to prop up oil prices
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OPEC, Russia and other oil producing nations will make more production cuts to aid crude prices amid a potential supply glut for booming US output. After a meeting in Vienna, the producer group decided it would reduce supplies by an extra 500,000 barrels per day, which makes the total cuts 1.7 million barrels daily. Led by Saudi Arabia, OPEC and its allies are limiting their production for the past two years.