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OPEC and external producers to reduce oil production have entered a crucial phase after a long period of pricing action, the latest being an agreement to extend the production of 1, 2 million bpd by March, said Monday a report on oil. The third quarter is a good opportunity to reduce inventories as the demand for the winter approaches. The OPEC alliance and the outside producers produce about 50% of the world's oil, while the market is subjected to an additional pressure of over 100 million barrels on prices and prevents any attempt to increase them during the next phase.
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