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Oil-Rich Countries Need to Diversify and Liberalize

Americans have been relieved by the drop in gas and oil prices in recent years, but other oil-producing countries aren’t so thrilled. Last week, the Organization of the Petroleum Exporting Countries agreed to continue to pinch oil production as it desperately tries to prevent a further drop in oil prices. Strong U.S. production has caused a global oil glut in recent years, leading some to become increasingly uncertain about the future of OPEC.

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