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OPEC Meets to Discuss First Oil-Output Curbs in Two Years

  • Algiers meeting comes as IEA says market outlook is worsening
  • Producer group has pumped without limits for two years
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Oil Surges as OPEC Said to Agree on Oil Output Cut

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OPEC ministers are meeting in Algiers with the group’s two leading members, Iran and Saudi Arabia, ready to discuss the first limits on oil production in two years.

While no formal decision is expected Wednesday, the Saudi Arabian and Iranian ministers signaled they want to lay the groundwork for an agreement at the group’s next meeting in Vienna. That would end the produce-at-will strategy the Saudis instigated in 2014, upending the oil market and shaking investors, corporations and entire economies.