Saudi Arabia will cut its oil production, allowing Russia's to grow.
Byline: S. Kamal Hayder Kazmi
OPEC, Russia and other oil major producers reached an unusual agreement on production quotas on Tuesday, with Saudi Arabia committing to reducing its oil production by one million barrels a day and Russia and Kazakhstan winning relatively modest production increases.
The effect will be an overall reduction in oil production. The news pushed prices up more than 4 percent, reaching...
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