What does Python optimization (-O or PYTHONOPTIMIZE) do?

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In Python 2.7, -O has the following effect:

In addition -OO has the following effect:

To verify the effect for a different release of CPython, grep the source code for Py_OptimizeFlag.

Link to official documentation: https://docs.python.org/2.7/tutorial/modules.html#compiled-python-files

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