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OPEC cuts output by 1.2 million barrels a day

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OPEC cuts output by 1.2 million barrels a day

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At a meeting in Doha, members of the Organisation of Petroleum Exporting Countries have agreed to reduce their output by 1.2 million barrels a day. he cut is aimed at shoring up falling prices. his is OPEC’s first cut for more than two years, and analysts say it is deeper than expected. The reduction, which represents 4.3 percent of OPEC’s production last month, will take output down to 26.3 million barrels a day from November 1. Some ministers warn that a further cut of half a million barrels a day may follow when OPEC meets in Nigeria in December. The talks will focus on big fuel reserves around the world and an expected drop in demand for OPEC oil next year.