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Once again, OPEC has failed to reach an agreement in regard to setting a production ceiling, according to reports.
This echoes the result of April's OPEC meeting in Doha, which also ended without resolution.
While the group failed to come to a general consensus, Saudi Arabia pledged that it would refrain from increasing its oil output further.
Despite not setting a ceiling for oil output, OPEC did manage to appoint Mohammed Barkindo as Nigeria's new secretary-general.
Currently, oil prices are hovering around $50 per barrel.
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