After several eleventh-hour negotiation breakdowns at its meetings over the past two years, OPEC announced on November 30th that it had reached a substantive agreement to collectively cut oil production in order to limit global supply and lift prices. According to the terms of the agreement, OPEC will cut its collective production by 1.2 million barrels per day (mmbd) or about 3-4 percent. Saudi Arabia, the de facto leader of the OPEC, will take on the largest cut at nearly 0.5 mmbd.
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