After marathon discussions, Organization of petroleum Exporting Countries (OPEC) and non OPEC members have agreed a deal to cut oil production by 1.2m barrels a day in order to main stability in oil prices.
The 15-member OPEC cartel has tentatively agreed to reduce its output by 800,000 bpd, while Russia and the allied producers are proposing a 400,000 bpd reduction.
Iran was granted exemption from the cuts as a result of its current sanctions from President Donald Trump’s United States.
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