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Oil powers announce surprise cuts of more than 1 million bpd
Oil powers announce surprise cuts of more than 1 million bpd
Business and Economy
by  AFP

Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on Sunday, calling it a "precautionary" move aimed at stabilising the market. A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the oil market", the official Saudi Press Agency said.