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OPEC cuts production, yet oil market remains unchanged

OPEC cut its production again in March in hopes of driving up oil prices, but the move had little global impact as the U.S. and other countries maintained their oil production levels, the Houston Chronicle reports.

"OPEC cuts really are a lot more effective when the oil inventories are low and markets are tight," said Jim Krane, Wallace S. Wilson Fellow for Energy Studies. "It's tough to get a big oil market response when markets are flush."

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