Nelson Martinez | Al Bawaba

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Under the December 10 agreement, producers will lower output by nearly 1.8 million barrels per day (bpd) aiming to ease a global glut that has weighed on oil prices for more than two years. (AFP/Joe Klamar)

January 23rd, 2017 - 06:30 GMT

OPEC launches oil cut compliance committee

At a meeting in Vienna, OPEC has announced the formation of a new committee to oversee the monitoring of compliance with oil production cuts agreed in December.