OPEC producers agreed on Dec. 10 to lower output in the first half of 2017. REUTERS/Heinz-Peter Bader
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OPEC and non-OPEC countries have made a strong start to lowering their oil output under the first such pact in more than a decade, energy ministers said Sunday as producers look to reduce oversupply and support prices.Ministers said 1.5 million of almost 1.8 million barrels per day had been taken out of the market already. Eleven of OPEC's 13 members along with 11 non-OPEC countries have agreed to make cuts for the first half of the year. The cuts are aimed at reducing a global glut in oil that has weighed on oil prices for more than two years.Russia has cut its oil output by around 100,000 bpd, Novak said, double what was originally planned.Russia's Novak also said he was not worried about higher oil output in the United States.
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