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Title: Global Oil Prices Surge Amidst OPEC Production Cuts #

Global oil prices have experienced a significant surge following the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to continue production cuts. The move is in line with their efforts to stabilize the oil market amidst the ongoing COVID-19 pandemic. The production cuts will result in a reduction of approximately 1.5 million barrels per day from the global oil supply. This decision has propelled oil prices to their highest levels in more than a year, with expectations of further price increases in the coming months.

Global Oil Prices Surge Amidst OPEC Production Cuts #

Global oil prices have surged as a result of the recent decision by OPEC and its allies to continue production cuts. This move is aimed at stabilizing the oil market amidst the ongoing COVID-19 pandemic. The production cuts will reduce global oil supply by about 1.5 million barrels per day, contributing to the recent increase in oil prices. Analysts predict that oil prices will continue to rise in the coming months.