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Oil Surges Amid Reports OPEC Agrees 1.2 Million Barrel Production Cuts

“Global oil prices surged higher Friday, taking Brent crude more than 5% higher on the session, amid reports that Iran has agreed to co-operate with rival Saudi Arabia on OPEC production cuts, paving the way for a broader agreement with Russia to reduce overall supplies next year” writes Martin Baccardax for Iran, which will be exempted from the output changes, had previously resisted further cuts given that its crude sales are subject to U.S. sanctions.

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