The members of the Organization of Petroleum Exporting Countries (OPEC) met last Thursday, December 6th, at the group's headquarters in Vienna, Austria. The objective was to seek a way to decrease oil production and that prices fall by about 30%. The meeting was attended by other producing countries and was led by Saudi Arabia.
The negotiations began on Wednesday, with all OPEC members, but analysts predict that the production reduction communiqué is of an undefined amplitude to define a lower oil price that is currently costing US $60 for Brent, in European continent and South America US $70 per barrel.
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