The 169th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC), whichwas held on June 2nd, was closed without reaching any agreements on new crude oil production quota. In the statementissued on the same day, the conference showed its view that the OPEC needs to closely monitor developments in thecoming months before a new decision is made and recommended Member Countries to meet again at the next meetingheld in November or extraordinary session and suggest further measures according to prevailing market conditions ifnecessary.
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