A worker checks the valves at Al-Sheiba oil refinery in the city of Basra, Iraq, Jan. 26, 2016. REUTERS/Essam Al-Sudani
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Oil producing countries were meeting Sunday in Vienna to review for the first time progress on implementing a landmark December deal to slash output that is aimed at boosting prices.The Dec. 10 accord obliges around a dozen nations led by Russia that are outside the Organization of the Petroleum Exporting Countries to reduce output by 558,000 barrels per day (bpd). OPEC's production fell by 221,000 bpd to 33.1 million bpd in December, according to secondary sources data in OPEC's monthly report published last week.Under the deal it agreed to reduce output to 32.5 million bpd. Russia has pumped on average 11.1 million bpd in January, down 108,000 bpd from official government figures for both November and December, initial Energy Ministry data compiled by Bloomberg show.
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