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Earlier today in Vienna, members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut daily production from 33.7 to 32.5 million barrels per day, a net decrease of 1.2 million barrels per day. But is it too little too late, will countries notorious for disregarding production limits actually toe the line, or does the agreement signal the end of cheap oil? First the background.

 

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