The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured behind a traffic sign at its headquarters in Vienna, Austria, May 30, 2016. REUTERS/Heinz-Peter Bader
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Iran said Wednesday it would not commit to any oil-production action with fellow OPEC members when the group meets this week despite being close to pre-sanctions output and export levels.At its previous meeting in December 2015, OPEC failed to set any production policy including a formal output ceiling, effectively allowing its 13 members to pump at will in an already oversupplied market.Falih was the first OPEC minister to arrive in Vienna this week, signalling he is taking the organisation seriously despite fears among fellow members that Riyadh is no longer keen to have OPEC as an output-setting organisation.Kuwait's acting oil minister Anas al-Saleh said Tuesday he was keen on maintaining dialogue between OPEC and non-OPEC members to help achieve balance in the market.
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