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30/11/2016 OPEC agrees to first oil cuts in 8 years

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OPEC agrees to cut oil product for first time in 8 years

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Why OPEC is cutting oil production

As the OPEC members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008. Despite many political obstacles, a decision to trim approximately 1 million barrels per day was codified by a new quota agreement at the OPEC conference.