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OPEC to cut production by 750,000 barrels per day: Bloomberg News

At the end of six hours of negotiations and weeks of horse trading, OPEC announced the plan to cut production

The Organization of Petroleum Exporting Countries (OPEC) has agreed to cut production by 750,000 barrels a day, Bloomberg News reported Wednesday, citing a delegation member.

An informal OPEC meeting opened in Algiers earlier Wednesday to discuss a possible freeze in output by the cartel, with the aim of raising prices which have fallen by more than half since mid-2014.