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Opec fails to agree on output cap; oil extends fall

Friday, June 3, 2016 - 05:50
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"A doubling of exports of Iranian oil has had no negative impact on the market and has been absorbed well," said Mr Zanganeh.

Vienna

OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling. Crude extended its decline in London.

The meeting didn't produce a supply accord, but did reach consensus on appointing Nigeria's candidate as new secretary-