The April 17th meeting of the major oil-producing countries failed to produce agreement on freezing production outputs as Saudi Arabia said any agreement had to include Iran. Pro Farmer’s First Thing Today said Iran announced Saturday it would not attend the meeting. Global oil prices declined as word of the impasse hit the markets, though values did bounce back somewhat. The situation is putting a damper on global equity markets early in the week. Going into the meeting, there was some doubt as to how much an agreement would actually reduce prices. Some are noting oil production has dropped because of the lower prices. The United States and other countries have already begun to temper their output.
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