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Largest cut in OPEC’s history

The Organization of the Petroleum Exporting Countries (OPEC) has drastically cut the daily production of oil by 2.2 million barrels per day (bpd). In a decision reached in Oran, Algeria, energy ministers from all 12 OPEC members agreed to make the largest cut in OPEC’s history.

opecOil prices have fallen from a high of $140 in July to just around $40; a decrease of $100. OPEC has cut 4.2 million bpd since September, when the price of oil decreased suddenly over fears of a global recession and lower usage of oil.

With this new decrease, production by OPEC members will be 24.845 million bpd. Saudi Arabia is taking the majority of the cut by decreasing their production by 1.2 bpd. Read More…

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Italy has agreed to pay Libya US$5 billion

The government of Italy has agreed to pay Libya US$5 billion as compensation for its occupation of the country from 1911 to 1943. The agreement was reached between the Italian Prime Minister, Silvio Berlusconi, and Baghdadi Mahmudi, Berlusconi’s Libyan counterpart.

“It is a material and emotional recognition of the mistakes that our country has done to yours during the colonial era,” said Berlusconi after arriving in Libya. “This agreement opens the path to further cooperation.” Read More…