OPEC and Russia oil cut deals promise to address supply glut

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Faced with a supply glut that has dramatically pushed down prices, oil producing countries from around the world have pledged to cut output and to “rebalance the market”.

It is a big deal because it is the first such agreement in over a decade between OPEC and the countries that are not cartel members, however it does not include several big energy producers, particularly the US shale producers.

This edition of Business Line considers the details and what it could mean for oil prices.