OPEC members plan to introduce a new collective ceiling

According to several OPEC sources, OPEC members plan to introduce a new collective ceiling to avoid market-share battle.

“The Gulf Cooperation Council is looking for coordinated action at the meeting,” a senior OPEC source said.

Saudi Arabia refused a deal on the freeze of the oil output in April, saying that it would not sign any agreement until Iran would agree to freeze its oil production. Iran has no plans to freeze its output until it would reach the pre-sanctions levels.

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