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Oil prices have risen remarkably over the last few months. Now the powerful oil cartel is keeping a lid on supply in an attempt to push crude prices even higher.
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The group had been expected to delay production increases for several months, given the ongoing impact of the coronavirus pandemic. But after days of deliberations it agreed on a small increase.
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The International Energy Agency says the industry is about to test the limit of how much oil it can transport and store, given the phenomenal drop in demand caused by the coronavirus pandemic.