A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi/File Photo - RTX2OBC0
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OPEC members have in recent months repeatedly met to discuss production cuts. The cartel’s members are suffering from the dramatic decline in oil prices over the past two years, which has seen crude dropping to between $40 and $50 per barrel from more than $100 in 2014. This has caused tremendous pressure on both government budgets and economies of oil exporting countries. Summary⎙ Print Despite the agreement in principle on output cuts at its September meeting in Algeria, OPEC still has a long way to go in getting Iran to stop its drive to regain market share. Faced with these challenges, OPEC members finally agreed in a September meeting in Algeria to cut production — in principle.

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