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Key OPEC member poised for production increase in 2024

Oil is in a bear market, but as things stand, one of OPEC’s largest producers is expected to increase production in January.

Days before the Organization of the Petroleum Exporting Countries and its allies meet to discuss policy, traders are focused on whether Saudi Arabia will extend its voluntary production cut of 1 million barrels a day into the new year. While that decision is still uncertain, the United Arab Emirates has already reached an agreement that will allow it to pump more crude oil.

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