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production cuts News

OPEC acknowledges supply cuts didn't work

The Organization of Petroleum Exporting Countries (OPEC) for the first time, is forecasting that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives.

General Motors idles Detroit plant, lays off 1,500 workers

Detroit - General Motors confirmed on Thursday it was idling its Detroit-Hamtramck plant for six weeks starting in mid-November and will cut car production by about 20 percent when the plant reopens.

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