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OPEC fails to agree on output policy after Iran resists Gulf allies

The Organization of the Petroleum Exporting Countries (OPEC) once again failed to reach an agreement on an output policy at its meeting in Vienna on Thursday. Saudi Arabia and its Gulf allies tried to propose OPEC in setting an output ceiling in an attempt to repair the group’s waning importance. But with Iran resisting the idea, the meeting ended without a new policy and ceiling.

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