OPEC fails to agree on output policy

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BAKU. KAZINFORM - OPEC failed to agree on output policy and set a new ceiling, Reuters reported citing several cartel sources June 2.

Meanwhile, according to the sources, Saudi Arabia and its Gulf allies had tried to propose a new collective ceiling in an attempt to repair OPEC's waning importance and end the market-share battle that has sapped prices and cut investment.

The 169th meeting of OPEC was held in Vienna, June 2.

At the meeting, Gabon's request to rejoin the organization had been considered and it was decided to approve its admission with effect from July 1, 2016, according to an OPEC report.

The meeting participants re-emphasized the coordination between OPEC member countries and with non-OPEC producers to ensure stability in the global oil market.

The next OPEC meeting will be held Nov. 30 in Vienna, trend.az reports.

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