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OPEC extends output cut but oil price increase unlikelyAn alliance of many of the world's biggest oil-producing nations extended their agreement to cut output for an additional nine months – an effort to support prices that will prove difficult in the face of growing production from the U.S. Thursday's decision by the OPEC cartel – now at 14 members with the entry of Equatorial Guinea – and 10 other countries led by Russia, means that the reductions of 1.8 million barrels a day agreed on in November will stay in place until March.Many have returned to the market since crude prices have risen from last year's lows to over $50 a barrel, and more are set to resume operations if crude prices go even higher.U.S. output since last year has increased by nearly a million barrels a day to a daily 9 million barrels.
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