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OPEC and Russia agree to boost production in 2021

The agreement follows recent increases in global oil prices. The COVID-19 pandemic has hurt oil markets and, subsequently, the economies of several Middle Eastern states.
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Middle Eastern oil producers agreed to boost production on Thursday as global prices continue to increase toward their pre-pandemic levels.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia agreed to boost their output by 500,000 barrels per day starting in January 2021, the financial news site CNBC reported.

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