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OPEC’s Cut: How Long Oil’s U-Turn Might Continue

Robert Scott
OPEC’s Cut: How Long Oil’s U-Turn Might Continue

On December 7, a Reuters report said that Iran agreed to a 0.8 MMbpd (million barrels per day) production cut. The plan is only expected to be implemented by OPEC members in 2019. Iran might be exempt from the production cut. At 7:13 AM EST on December 7, US crude oil prices rebounded 5.7% from their intraday low.