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The 12th Opec and non-Opec ministerial meeting, held via videoconference, concluded on 3 December – two days later than planned – with a compromise over production cuts, which from January will be 500,000 b/d higher (7.7m b/d rather than 7.2m b/d) than agreed in the cartel’s 12 April meeting that had helped to reverse the Covid-driven price slump.
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