According to reports, Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies have agreed to cut oil production by two million barrels a day at a Vienna meeting.
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However,it is the deepest cuts to oil production since the 2020 COVID pandemic, reports said.
The cut in real terms might be less than the headline figure, with multiple OPEC members currently producing less than their assigned quota, reports added.
