Succumbing to market pressure, crude producers' group OPEC and its 10 non-OPEC allies intervened to deepen their ongoing output cuts of 1.2 million barrels per day (bpd) by another 500,000 bpd on Friday (December 6) following the conclusion of their meeting of ministers in Vienna, Austria. In a surprise for the market, OPEC revealed that bulk of the burden will largely fall on Saudi Arabia's shoulders, with the kingdom announcing it would cut "voluntarily" ...
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