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First Day Of OPEC Meeting Ends Without Agreement On Production Limits

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First Day Of OPEC Meeting Ends Without Agreement On Production Limits
The group of oil producers regularly meet to set production limits to control the global supply and demand.
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A group of the world's oil producers met Thursday, and one of the biggest topics of discussion was cutting production.

The Organization of the Petroleum Exporting Countries, better known as OPEC, adjusts production quotas to try to keep control of the global supply and demand.

And all signs are pointing to a decrease in production for 2019. But it seems they couldn't come to an agreement on just how much to cut back. 


And all signs are pointing to a decrease in production for 2019. But it seems they couldn't come to an agreement on just how much to cut back. Reduction estimates have ranged from 500,000 to 1.5 million barrels a day.

Oil prices have been dropping recently, and cutting back on production would likely slow down that trend.

Friday, all 15 member countries will meet again to hopefully iron out an agreement. But the next meeting will bring in some non-members, including Russia.