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Algeria, Venezuela agree to back extension of OPEC output deal
ALGIERS: Algeria and Venezuela agreed to back an extension of the deal between OPEC and non-OPEC oil producers
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The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.
An OPEC and non-OPEC technical committee has already recommended producers extend the deal for another six months from June, a source familiar with the matter said on Friday.