THE decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil output and the depreciation of the peso against the dollar may lead to higher pump prices, Energy Secretary Alfonso Cusi said Thursday.
Crude oil prices surged on Wednesday after OPEC members and major oil producer Russia agreed to cut oil production by almost 1.8 million barrels per day or about two percent of global output to prop up oil prices.
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