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OPEC & Non-OPEC oil producers meet on Monday

Oil prices gained in Asian markets on Monday ahead of the meeting of Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries regarding oil production. The oil prices had a steep fall of more than 2% on Friday.

OPEC and Non-OPEC members are going to discuss the issue of rising oil production in Nigeria and Libya which were earlier exempted from the production cut. Ministers from the OPEC and other non-OPEC producers are going to gather at the Russian city of St Petersburg on Monday.

The members are likely to put a conditional cap on the oil production in Nigeria and Libya to boost the oil prices. Tyre stocks and aviation stocks in the Indian share markets would be in focus on Monday as they generally move in opposite direction of oil prices in the international market, believe experts.