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Oil Prices Sky Rocket

Oil Prices Sky Rocket

Oil Prices Sky Rocket

Oil Prices

OPEC, whose 14 members pump a third of the world's supply of oil, have confirmed a cut in production for the first time in 8 years. 

It has been decided that from January 2017 member countries will be reducing output by as many as 1.2 million barrels a day. Members pushed for a decrease in production after seeing oil prices plunge from $110 a barrel over the last 2 years due to oversupply and slowing demand.

The knock on impact of this decision is likely to be felt in coming weeks and months by consumers at the petrol pumps and home fuel price increases.

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