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Oil prices set to rise as major producers mop up supply glut

Output cuts by Opec and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018.

The Organisation of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day since January.

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