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OPEC beats the odds by delivering deal to cut oil output Add to ...

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Members of the Organization of Petroleum Exporting Countries really had the simplest of tasks on Wednesday – come up with something resembling a deal and shout it from the rooftops.

On those scores alone, OPEC more than did the job. Had the ministers left the much-anticipated Vienna meeting in a huff with no agreement to cut output levels, as they did in Doha last spring, oil prices could have tumbled well into the $30s (U.S.) a barrel. A day earlier, simmering worries – that the agreement could unravel – pressured markets.

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