The price of heavy fuel oil, which is still used in parts of Asia for peak-load power generation, has been boosted by the decision of OPEC and a group of non-cartel producers to implement a crude output cut of 1.2 million barrels per day (MMb/d).
The 14 OPEC members and 10 non-OPEC nations agreed the cuts on 7 December after nearly a week of hard negotiations. Qatar is not part of the agreement, having announced before the Vienna meeting that it will be leaving OPEC.
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